Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets.

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Question

Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets.

Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. 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.

business economics

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Answer 1

Answer #1

Total Surplus in this market is $ 6000 million

(TS = area of triangle = 0.5*(180-80)*(100)+0.5*(80-60)*(100))

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Answer 2

Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets.

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Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets.

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Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets.