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B. WHat kind of chart chart of the three columns above, & then change the axes using the process under the [Changing Axes] tab below.
B. | WHat kind of chart chart of the three columns above, & then change the axes using the process under the [Changing Axes] tab below. | ||||||||
The P column should be moved from horizontal to vertical. The Qs become horizontal. | |||||||||
C. | Compute the Consumer Surplus (CS), Producer Surplus (PS) & Total Surplus (TS) resulting from the equilibrium in Part A. above. | ||||||||
Use the chart corrected in Part B. to visualize the areas for CS & PS. | |||||||||
Consumer Surplus: | 0.2 | ||||||||
Producer Surplus: | 0.2 | ||||||||
Total Surplus | 0.1 | ||||||||
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