Question

One of these demand and supply diagrams holds within it the concept of economic efficiency for laptop computers. The shaded triangular shape represents consumer surplus, which demonstrates that the equilibrium price in the market was less than what many of the consumers were willing to pay. The equilibrium price for laptop computers is $800 and the equilibrium quantity is 700 laptops.

Required:
Draw the shaded triangular area that represents the area of consumer surplus of laptop computers.

Answer 1

Answer:

The shaded triangular area in the attached photo represents the area of consumer surplus of laptop computers.

Explanation:

Note: See the attached photo for the shaded triangular area that represents the area of consumer surplus of laptop computers.

Consumer surplus on a supply and demand chart represents the area that is bound by the y-axis or price-axis on the left, the demand curve on the right, and a horizontal line where y or price equals the current market price (in this, $800).

Therefore, the shaded triangular area in the attached photo represents the area of consumer surplus of laptop computers.