Assume the demand and supply schedules for the market are…
Assume the demand and supply schedules for the market are represented by the following data: Quantity demanded Quantity demanded Price Quantity supplied 300 0 10,000 3,000 3,000 0 0 5,000 Calculate the value of consumers surplus realized in the portable generator market when the weather is nice. Enter the value using two decimal places, rounding up if the calculated value of the third decimal place is 5 or higher. Do not enter “$” or commas. Hint: Sketch the market and identify the three corners of the triangular area that represents consumers surplus. The information given includes two points on each demand schedule and two points on the supply schedule.