4 . Total economic surplus

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.

EquilibriumConsumer SurplusProducer Surplus0204060801001201401601802003002702402101801501209060300PRICE (Dollars per camera)QUANTITY (Millions of cameras)DemandSupplyY-Intercept: 60

Total surplus in this market is

million.