Question

Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. 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.
8. Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. 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 300 270 Equilibrium 240 A 180 Consumer Surplus PRICE (Dollars per phone) 150 120 Producer Surplus 90 60 30 Supply 0 0 15 30 135 150 45 60 75 90 105 120 QUANTITY (Millions of phones)

Answer 1

ANSWER 0 Demand supply 300 consumer Surplus 240 equilibrium 210 Price (Dollars per phone, 180 120 90 60 30 0 O 15 30 45 60 producer 75 90 105 120 135 150 Quantity (Millions of phones » Surplus consumer supplies - It is the area above the price line and below the demand anen 6 producer surples line and above It is the area below the pare the supply cuore 0 Tofal sysplas It is the sum of consumer and producer Surplus