Question

What area represents the amount paid by consumers for​ Blu-ray disks and what area represents consumer​ surplus? ​1.) Using the rectangle drawing tool​, shade in the actual expenditures by consumers for​ Blu-ray disks. Label this area​ 'Actual Expenditures'. ​2.) Using the triangle drawing​ tool, shade in consumer​ surplus, adding the provided label. Label this area​ 'Consumer Surplus'.

Answer 1

The shaded areas are attached.

Step-by-step explanation:

1.) Using the rectangle drawing tool​, shade in the actual expenditures by consumers for​ Blu-ray disks. Label this area​ 'Actual Expenditures'.

The area that represent the actual expenditures is the one that is limited by the price and the quantity of equilibrium.

The area represents the amount paid by the consumers (p*q).

​2.) Using the triangle drawing​ tool, shade in consumer​ surplus, adding the provided label. Label this area​ 'Consumer Surplus'.

The consumer surplus is all the area under the demand curve, from q=0 to q=q_equilibrium, substracting the actual expenditures of the consumers.