Question

Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. 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.

Answer 1

Answer: Total Economic Surplus

Explanation:

Diagram is shown in the attached document.

Answer 2

Based on the information given, the consumer surplus is $2400, producer surplus is $2400.

From the complete information, the consumer surplus will be:

= 1/2(135 - 75)(80 - 0)

= 1/2 × 60 × 80

= $2400

The consumer surplus is $2400.

The producer surplus will be:

= 1/2 × (75 - 15)(80 - 0)

= 1/2 × 60 × 80

= $2400

Therefore, the total surplus will be:

= $2400 + $2400 = $4800

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