O. Tota economIC SurpTus The following diagram shows supply and demand in the market for 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. 250 Demand 225 Equilibrium 200 A 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 25 Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of tablets) Total surplus in this market is $ million. PRICE (Dollars per tablet)

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 1SQP
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The following diagram shows supply and demand in the market for 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.
250
Demand
225
Equilibrium
200
A
175
150
Consumer Surplus
125
100
Producer Surplus
75
50
25
Supply
35
70
105
140
175
210
245
280
315
350
QUANTITY (Millions of tablets)
Total surplus in this market is $
million.
PRICE (Dollars per tablet)
Transcribed Image Text:The following diagram shows supply and demand in the market for 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. 250 Demand 225 Equilibrium 200 A 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 25 Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of tablets) Total surplus in this market is $ million. PRICE (Dollars per tablet)
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