5. Consumer and Producer Surplus; Price Ceilings and Floors

5. Consumer and Producer Surplus; Price Ceilings and Floors / Quantitative Analysis of Consumer and Producer Surplus at Equilibrium / Problem 8

Problem 8

In the market for apartment rentals, if the equilibrium price is \$1200 and the demand axis price is \$2000, with an equilibrium quantity of 1000 apartments, what is the consumer surplus?

\$400,000

\$800,000

\$200,000

\$600,000