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(Solved): The following graph plots the supply and demand curves in the market for polaroid cameras. Use the b ...
The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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 camera) 300 270 240 210 180 150 120 90 60 30 0 0 Demand Supply 30 60 120 90 150 180 QUANTITY (Millions of cameras) 210 240 270 Total surplus in this market is $ 300 million. + Equilibrium A Consumer Surplus Producer Surplus
The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (olus symbol) to indicate the equilibrium price and quantity of polaroid cameras. Then use the green point (triangle symbol) to fin the area representing consumer surplus, and use the purple point (diamond symbol) to fir the area representing producer surplus.
Expert Answer
To know the equilibrium, consumer surplus and producer surplus of the following graph: