The following graph plots the supply and demand curves in the market for motor scooters. Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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. ? PRICE (Dollars per scooter) 250 225 200 150 125 100 75 8 25 Demand 0 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of scooters) Equilibrium A Consumer Surplus Producer Surplus
The following graph plots the supply and demand curves in the market for motor scooters. Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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. ? PRICE (Dollars per scooter) 250 225 200 150 125 100 75 8 25 Demand 0 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of scooters) Equilibrium A Consumer Surplus Producer Surplus
Chapter4: Markets In Action
Section: Chapter Questions
Problem 1SQP
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Total surplus in the market $...........
Transcribed Image Text:The following graph plots the supply and demand curves in the market for motor scooters.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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.
?
PRICE (Dollars per scooter)
250
225
200
150
125.
100
75
25
Demand
0
Supply
30
60 90 120 150 180 210 240 270 300
QUANTITY (Millions of scooters)
Equilibrium
A
Consumer Surplus
Producer Surplus
Transcribed Image Text:Total surplus in this market is $
million.
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