Homework Answers
Consumer surplus is the area above the price line and below the demand curve. Producer surplus is the area below the price line and above the supply curve. In the graph below these areas are shown below. The total surplus is the sum of these areas and is found as 0.5*(225 - 75)*20 = $1500 million
Now there is a mandatory requirement to produce at least 30 million keyboards.
The minimum price for sellers is $150 for this quota and the price buyers are willing to pay is $75 for this level of keyboard. Hence there is a wastage of resources for this 30 millionth keyboard which is $150 - $75 = $75.
Market has equilibrium at 20 millions keyboards. Before this there are less keyboards than demanded. After this quantity there are more keyboards than demanded.
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The following graph shows the supply of (orange curve) and demand for (blue curve) computer keyboards....
The following graph shows the supply of (orange curve) and demand for (blue curve) computer keyboards....
The following graph shows the supply of (orange curve) and demand for (blue curve) computer keyboards. Determine the equililbrium price and quantity of computer keyboards. Based on this, use the green triangle (triangl symbols) to shade the area representing consumer surplus at the equilibrium price. Then use the purple triangle (diamond symbols) to shade the area representing producer surplus at the equilibrium price. PRICE (Dollars per keyboard) 100 Supply CS 80 PS 60 Demand 40 20 50 100 150200 250...
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11. Total welfare The following graph shows supply and demand in the market for computer keyboards. Use the black point (cross symbol) to indicate the equilibrium price and quantity of computer keyboards. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand Equilibrium A Consumer Surplus PRICE (Dollars per keyboard) Producer Surplus Supply 0 10 90 100 20 30 40 50...
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