The below graph shows the market of computers. The equilibrium is at point "E": Price $700 650 600 550 E 500 450 400 350 300 8 9. 10 11 12 13 14 Quantity (millions per year) 1. Calculate the total surplus at equilibrium (show your calculations). How to calculate total surplus according to the above graph?

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section7.1: Consumer Surplus
Problem 1QQ
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The below graph shows the market of computers. The equilibrium is at point "E":
Price
$700
650
600
550
E
500
450
400
350
300
7
8
9.
10
11
12
13
14
Quantity (millions per year)
1. Calculate the total surplus at equilibrium (show your calculations).
How to calculate total surplus according to the
above graph?
Transcribed Image Text:The below graph shows the market of computers. The equilibrium is at point "E": Price $700 650 600 550 E 500 450 400 350 300 7 8 9. 10 11 12 13 14 Quantity (millions per year) 1. Calculate the total surplus at equilibrium (show your calculations). How to calculate total surplus according to the above graph?
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