8. Total economic surplus The following diagram shows supply and demand in the market for smartphones.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. 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 Consumer Surplus Producer Surplus0153045607590105120135150300 2702402101801501209060300PRICE (Dollars per phone)QUANTITY (Millions of phones)Demand Supply
Total surplus in this market is
million.