4 . Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. Then use the green point (triangle symbol) to fur the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 225 Demand Equilibrium 200 175 150 Consumer Surplus PRICE (Dollars per camera) 125 100 Producer Surplus 75 Supply 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of cameras) Total surplus in this market is million.5 . Market efficiency and market failure The following graph shows equilibrium in a free market, with equilibrium quantity of QE- (?) Supply PRICE Demand QUANTITY For any level of output above Qx, a buyer values a unit of goods in this market the unit will cost a seller. Suppose now that an individual firm that produces goods in this market has the power to influence market price, leading to an outcome different from the free market equilibrium illustrated in the previous graph. This is an example of 7 due toAttempte Keep the Highest / 3 6 . Consumer Surplus Neha buys an iphone for $300 and gets a consumer surplus of $60. Her willingness to pay for an iphone is If she had bought the iPhone on sale for $220, her consumer surplus would have been If the price of the iphone had been $460, her consumer surplus would have been