otal economic surplus

The following diagram shows supply and demand in the market for tablets.

Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. 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 Surplus03060901201501802102402703003002702402101801501209060300PRICE (Dollars per tablet)QUANTITY (Millions of tablets)DemandSupply

Total surplus in this market is

million.