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- What is producer surplus? How is it illustrated on a demand and supply diagram?1. Price $152 $144 $136 $128 $120 $112 $104 $96 $88 $80 572 S64 $56 $48 $40 $32 CORNW 524 $16 $8 SO 0 25 50 75 100 1₁ 125 150 - - Supply 175 200 Quantity 225 Demand A. Calculate consumer surplus at the equilibrium price and quantity B. Calculate producer surplus at the equilibrium price and quantity D. Calculate total surplus at the equilibrium price and quantity D. Shade the area of the graph that corresponds to total surplus 250 275 300 325 350 375What is Producer Surplus at a price of $5? Price 12 10 8 6 42 Quantity Demanded 1 2 WN 3 456 Quantity Supplied 6 5 4 3 2 1
- p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORTMarket for Game Consoles 600 Tools 550 500 CS PS 450 400 350 ESeq 300 250 200 150 100 50 D 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the quantity demanded at $150 per game console? Quantity demanded: 20 game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied:| 80 game consoles c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ 30000 d. What is the producer surplus generated at a price of $150 per game console? Instructions: Use the tool provided “PS" to illustrate this area on the graph. Producer surplus: $ 3750 e. What is total economic surplus at a price of $150 per game console? Economic surplus: $ 33750 f. What is the economic surplus generated if the market were in equilibrium? Instructions: Use the tool provided “ESeg" to illustrate this area on the graph. Economic surplus in equilibrium: $ 56250 Price…20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICE
- First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags 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 (PS) at the equilibrium price. PRICE (Dollars per handbag) 500 450 400 Demand 350 300 250 200 Before Tax Supply 150 100 50 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) + Equilibrium Consumer Surplus Producer Surplus ?Price Blank 1 Add your answer $24 $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 a. Calculate total surplus when demand is D₁. $ Blank 1 Blank 2 Add your answer 0 25 50 500 b. Calculate total surplus when demand decreases to D₂. $ Blank 2 75 02150 125 S₁ 1 175 Quantity 200 225 250 D₁ 275 ... 300Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles 10 20 30 40 50 60 70 80 90 100110 Quantity S a. What is the equilibrium price and quantity? Price: $ Quantity: Tools The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. CS game consoles b. Show the area of consumer surplus on the graph, and then determine how much consumer surplus is generated in the market each week. Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $
- ges Table Illustrations Add-ins Media Links Comment Header & Text Symbols Footer 7 b_Kad 2.xlsx Price 10t Supply 6 3+.... Demand Shots 60 120 160 210 300 Quantity 27. Refer to the graph above. With an effective price ceiling at $3, the quantity supplied: A) falls from 210 to 120. B) falls from 120 to 60. C) increases from 120 to 210. D) increases from 60 to 120. la_Kac II_2 28. Refer to the graph above. With the effective price ceiling the quantity bought is: A) 60 B) 210 c) 160 d) 120 29. Refer to the graph above. With the effective price ceiling at $3, total consumer surplus will be: A) $240 B) $360 d) S300 d) $150 ductio Shot 7.01 PMS. $24 $15 D Quota 430 620 800 1170 How much is the decrease in consumer's surplus as a result of Quota?Refer to Figure 7-9. At equilibrium, total surplus is represented by the area ⒸaA+B+C ⒸDb. A+B+C+D+H+F+G+L ⒸEA+B+0+FI ⒸdA+B+C+DIMIR PRICE a a P 18 D G Q Figure 7-9 C H 0 QUANTITY Supply Demand