Consider a market where the equilibrium price for a good is 23 and the equilibrium quantity is 400 units. Assume that the quantity supplied at an above-equilibrium price is 4 times the equilibrium quantity, and the quantity demanded at the above-equilibrium price is 1/2 the equilibrium quantity. Calculate the surplus in the market at the above-equilibrium price. If necessary, round any intermediate calculations to one decimal place and your final answer to the nearest whole number.

To calculate the surplus in the market at an above-equilibrium price, we need to determine the quantities supplied and demanded at that price and then find the difference between them.<br /><br />1. **Equilibrium Details:**<br /> - Equilibrium Price (\(P_e\)): \$23<br /> - Equilibrium Quantity (\(Q_e\)): 400 units<br /><br />2. **Above-Equilibrium Price Quantities:**<br /> - Quantity Supplied at Above-Equilibrium Price: 4 times the equilibrium quantity<br /> \[<br /> Q_s = 4 \times Q_e = 4 \times 400 = 1600 \text{ units}<br /> \]<br /> - Quantity Demanded at Above-Equilibrium Price: \( \frac{1}{2} \) of the equilibrium quantity<br /> \[<br /> Q_d = \frac{1}{2} \times Q_e = \frac{1}{2} \times 400 = 200 \text{ units}<br /> \]<br /><br />3. **Surplus Calculation:**<br /> - Surplus is the excess of quantity supplied over quantity demanded.<br /> \[<br /> \text{Surplus} = Q_s - Q_d = 1600 - 200 = 1400 \text{ units}<br /> \]<br /><br />Therefore, the surplus in the market at the above-equilibrium price is **1400 units**.