Instructions: Enter your answers as o whole number. a. What is the quantity demanded at $150 per game console? Quantity

Question

Instructions: Enter your answers as o whole number. a. What is the quantity demanded at $150 per game console? Quantity demanded:1 1game consoles b. What Is the quantity supplied et $150 per game console? Quantity supplied: [ f game consoles c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided 'CS' to Illustrate this area on the graph. Consumer surplus: $ I 1 d. Whet is the producer surplus generated at a price of $150 per game console? Instructions: Uso the tool provided 'PS' to illustrate this area on the graph. Producer surplus: $ I 1 e. Whet is total economic surplus at a price of $150 per game console? Economic surplus: $ I 1 f. What Is the economic surplus generated if the market were In equilibrium? Instructions: Use the tool provided: ES"' to illustrate this area on the graph, Economic surplus in equilibrium: $ I I

Help In Homework · Accepted Answer

Quantity demanded at $150 per game console: At Price = $150 Quantity demanded = 80 units b) Quantity supplied at $150 per game console: At Price = $150 Quantity Supplied = 80 units c) Consumer Surplus generated at a price of $150 per game console: At Price = $150 Consumer Surplus = 0.5*(550 - 450)*20 + (450 - 150)*20 = $7,000 d) Producer Surplus generated at a price of $150 per game console: At Price = $150 Producer Surplus = 0.5*(150 - 100)*20 = $500 e) Total economic surplus generated at a price of $150 per game console: Total economic surplus = Consumer Surplus + Producer Surplus = $7,000+$500 = $7,500 f) Equilibrium occurs at P = 250 and Q = 60. Economic surplus = 0.5*(550 - 100)*60 = 135

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Instructions: Enter your answers as o whole number

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