Assume the linear demand and supply schedules for the avocad…
Assume the linear demand and supply schedules for the avocado market are represented by the following data: Quantity Quantity demanded Price ($) supplied 1.00 0 3000 3000 0 5.00 Calculate the value of consumers surplus realized from the avocado market. Enter the value using two decimal places, rounding up if the calculated value of the third decimal place is 5 or higher. Do not enter “$” 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 the demand schedule and two points on the supply schedule.