Math Problem Statement
Review the graph at right for a competitive market.
How much is the consumer surplus?
Consumer surplus is
$1012.50
(round your answer to two decimal
places).
How much is the producer surplus?
Producer surplus is
$1012.50
Solution
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Math Problem Analysis
Mathematical Concepts
Consumer Surplus
Producer Surplus
Supply and Demand Curves
Equilibrium Price
Formulas
Consumer Surplus = (1/2) * Base * Height
Producer Surplus = (1/2) * Base * Height
Theorems
Supply-Demand Equilibrium Theorem
Suitable Grade Level
Grades 9-12
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