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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

At equilibrium in the following figure, what area(s) represent consumers’ surplus? producers’ surplus?

images

To determine

Identify the areas of consumer surplus and producer surplus.

Explanation

Figure 1 shows the consumer surplus and producer surplus as follows:

In Figure 1, the vertical axis measures the price and the horizontal axis measures the quantity demanded. The upward sloping curve is the supply curve and the downward sloping curve is the demand curve. The sizes of the consumer surplus and producer surplus are determined by slopes of the supply curve and demand curve...

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