Quantitative Analysis of Consumer and Producer Surplus at Equilibrium

5. Consumer and Producer Surplus; Price Ceilings and Floors / Quantitative Analysis of Consumer and Producer Surplus at Equilibrium / Problem 7

Problem 7

In the market for apartment rentals, if the equilibrium price is \$1200 and the supply axis price is \$800, with an equilibrium quantity of 1000 apartments, what is the producer surplus?

\$200,000

\$400,000

\$800,000

\$600,000