At the equilibrium price, the total surplus( producer + consumer) is _______.

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BlackTom AI · Accepted Answer

The question asks for the total surplus at the equilibrium price, which is the sum of consumer surplus (CS) and producer surplus (PS) at the market-clearing point where supply equals demand.

First, I would identify the equilibrium price and quantity from the graph: locate the intersection of the demand (blue) and supply (red) curves. The equilibrium price is the price at that intersection, and the equilibrium quantity is the corresponding quantity.

Next, compute consumer surplus: CS is the area under the demand curve and above the equilibrium price, up to the equilibrium quantity. If the demand curve intercepts the price axis at Pmax when Q=0, then CS = 0.5 × (Pmax − Peq) × Qeq, assuming the demand curve is linear.

Then, compute producer surplus: PS is the area above the supply curve and below the equilibrium price, up to the equilibrium quantity. If the supply curve intercepts the price axis at Pmin when Q=0 (often 0 if the supply starts at origin for a simple linear model), then PS = 0.5 × (Peq − Pmin) × Qeq, again for the linear, single-interval case.

Total surplus = CS + PS. In a standard linear supply and demand diagram like this, you can read off the necessary intercepts and the equilibrium values from the graph and plug them into the triangular area formulas above.

Because the answer options were not provided in the list (the container shows an empty answer_options field), I cannot map these steps to a specific numerical calculation from the given options. If the stated correct numerical answer is $320, then the calculation would be one of the following typical patterns (depending on the exact intercepts):
- CS = 0.5 × (Pmax − Peq) × Qeq and PS = 0.5 × (Peq − Pmin) × Qeq such that their sum equals 320.

To proceed definitively, please provide the answer choices (the answer_options array) or share the exact equilibrium price and quantity derived from the graph. With those values, I can show the exact CS and PS calculations that sum to $320.

ECON 1023 (002) Midterm 2

At the equilibrium price, the total surplus( producer + consumer) is _______.

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ECON 1023 (002) Midterm 2

At the equilibrium price, the total surplus( producer + consumer) is _______.

查看解析

登录即可查看完整答案

类似问题

The sum of consumer surplus and producer surplus is equal to

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Consider a perfectly competitive market at equilibrium. The equilibrium price defines

Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $140. Tony experiences a

Consumer surplus is a gain from exchange, but producer surplus is a loss from exchange.

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更多留学生实用工具

希望你的学习变得更简单

Figure 9-2Refer to Figure 9-2. The increase in total surplus resulting from trade is