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8. Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol)
8. 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. 350 Demand 315 Equilibrium 280 A 245 210 Consumer Surplus 175 PRICE (Dollars per camera) 140 Producer Surplus 105 70 35 Supply 40 80 120 160 200 240 280 320 360 400 QUANTITY (Millions of cameras) Total surplus in this market is| million
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