8. Total economie surplus
The following diagram shows supply and demand in the market for smartphones
Use the black point (plus symbol) to indl the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus.
Demand Equilibrium Consumer Surplus PRICE (Dollars per phone) Producer Surplus 0 40 320 350 400 80 120 160 200 240 280 QUANTITY (Millions of phones) Total surplus in this market is million.
Homework Answers
Refer the attached picture for the equilibrium price and quantity, consumer surplus and Producer surplus.
Consumer surplus = (1/2)×(160-140) ×280 = $ 2,800 million
Producer surplus =(1/2)×(140-40)×280 = $ 14,000 million
Total surplus = Consumer Surplus + Producer Surplus
Total surplus = 2,800 + 14,000 = $ 16,800 million
Or, we an solve for total surplus as follows.
Total surplus = (1/2)×(160-40)×280 = $ 16,800 million
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8. Total economie surplus The following diagram shows supply and demand in the market for smartphones...
Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use...
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)...
11. Total welfare The following graph shows supply and demand in the market for smartphones Use...
11. Total welfare The following graph shows supply and demand in the market for smartphones Use the black point (cross 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 250 Demand 225 Equilbrium 200 175 Consumer Surplus 150 125 Producer Surplus 100 75 50 25 Supply 0 280 350 175 210...
Total economic surplus. The following diagram shows supply and demand in the market for smart phones....
Total economic surplus.
The following diagram shows supply and demand in the market for
smart phones.
Use the black point (plus symbol) to indicate the equilibrium
price and quantity of smart phones. 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.
Total surplus in this market is ($
)million.
150 135 Demand Equilibrium 120 105 5 90 2 75 Consumer Surplus...
shade total market surplus??? < Back to ent Attempts: 0 Average: 0/2 8. Total economic surplus...
shade
total market surplus???
< Back to ent Attempts: 0 Average: 0/2 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. 225 Demand Equilibrium 175 150 Type here to search...
11. Total welfare The following graph shows supply and demand in the market for computer keyboards....
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...
Use the black point (plus symbol) to indicate the equilibrium price and quantity of 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. Total surplus in this market is $_______ million.
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes.
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes. First, use tfhe black point (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus...
Consider the market for mountain bikes. The following graphshows the demand and supply for mountain...
Consider the market for mountain bikes. The following graph
shows the demand and supply for mountain bikes before the
government imposes any taxes. First, use the black point (plus
symbol) to indicate the equilibrium price and quantity of mountain
bikes in the absence of a tax. Then use the green point (triangle
symbol) to shade the area representing total consumer surplus (CS)
at the equilibrium price. Next, use the purple point (diamond
symbol) to shade the area representing total producer...
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain...
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes First, use the black point (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer...
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes.
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus...
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)...
11. Total welfare The following graph shows supply and demand in the market for smartphones Use the black point (cross 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 250 Demand 225 Equilbrium 200 175 Consumer Surplus 150 125 Producer Surplus 100 75 50 25 Supply 0 280 350 175 210...
Total economic surplus.
The following diagram shows supply and demand in the market for
smart phones.
Use the black point (plus symbol) to indicate the equilibrium
price and quantity of smart phones. 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.
Total surplus in this market is ($
)million.
150 135 Demand Equilibrium 120 105 5 90 2 75 Consumer Surplus...
shade
total market surplus???
< Back to ent Attempts: 0 Average: 0/2 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. 225 Demand Equilibrium 175 150 Type here to search...
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...
Consider the market for mountain bikes. The following graph
shows the demand and supply for mountain bikes before the
government imposes any taxes. First, use the black point (plus
symbol) to indicate the equilibrium price and quantity of mountain
bikes in the absence of a tax. Then use the green point (triangle
symbol) to shade the area representing total consumer surplus (CS)
at the equilibrium price. Next, use the purple point (diamond
symbol) to shade the area representing total producer...
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes First, use the black point (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer...
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> The total surplus is 12,600 Million.
Consumer Surplus = 1/2 * Base * Height
=1/2 * 210 million tablets * $20 per tablet
=1/2 * $4200 million
=$2,100 million
Produce Surplus = 1/2 * Base * Height
=1/2 * 210 million tablets * $100 per tablet
=1/2 * $21,000 million
=$10,500 million
$2,100 + $10,500 = $12,600
Bianca Oliveras Fri, Nov 19, 2021 8:14 AM