8. Total economic surplus The following graph plots the supply and demand curves in the market for motor scooters. Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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 Equilibrium 320 Demand 280 240 Consumer Surplus PRICE (Dollars per scooter) Producer Surplus 8 Supply O 75 150 225 300 375 450 525 600 675 750 QUANTITY (Millions of scooters) Total surplus in this market is $ million. * 28 LO O O C m I LL Z CO XChapter 07 Homework The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used air fryers. Each seller has only a single used air fryer available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used air fryer. Susan Raphael 30 PRICE (Dollars per used air fryer) Megan X Larry 20 Janet 10 Felix O 2 3 4 6 QUANTITY (Used air fryers) 91 2 * CO