Use the following to answer question:
-(Table: Quantity Supplied and Quantity Demanded) Using the table Quantity Supplied and Quantity Demanded, if this market is in equilibrium and the demand and supply curves are linear, then the value of consumer surplus is:
A) $1,225.
B) $2,450.
C) $4,900.
D) $1,500.

Question

Use the following to answer question: 
-(Table: Quantity Supplied and Quantity Demanded) Using the table Quantity Supplied and Quantity Demanded, if this market is in equilibrium and the demand and supply curves are linear, then the value of consumer surplus is:
A) $1,225. 
B) $2,450. 
C) $4,900. 
D) $1,500.

Quizplus · Accepted Answer

Consumer surplus is the area of the triangle above the equilibrium price and below the demand curve. If the market is in equilibrium, the consumer surplus can be calculated using the formula for the area of a triangle: 0.5 * base * height. The specific values for base and height would depend on the equilibrium price and quantity, which are not provided here, but the correct answer is given as $1,225.

Use the Following to Answer Question