Practice Use the graph below to practice the calculations. Price $24 Supply $18 $12 $8 a12 $4 Demand 0. 450 900 1,200 Quantity If the market is in equilibrium, price is $12 and quantity is 900. Calculate Consumer surplus = %3D Producer surplus = Total surplus = %3D If the product price is $18, only 450 units will be exchanged. Calculate Consumer surplus = Producer surplus = Total surplus = %3D Deadweight 1 C12

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