7. Total economic surplus The following diagram shows supply and demand in the market for laptops. Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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 laptop) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of laptops) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus ◇ Producer Surplus

7. Total economic surplus The following diagram shows supply and demand in the market for laptops. Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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 laptop) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of laptops) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus ◇ Producer Surplus

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 33RQ: What is total surplus? How is it illustrated on a demand and supply diagram?

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2. Does a change in producers' technology lead to a movement along the supply curve or a shift in the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve? 3. The market for pizza has the following demand and supply schedules: Price S Demand Supply 4 135 26 5 104 53 81 81 7 68 98 8 53 | 110 39 121 a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?