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 quantity supplied and the quantity demanded at this price, and then find the difference between them.<br /><br />1. **Equilibrium Details:**<br /> - Equilibrium Price = \$23<br /> - Equilibrium Quantity = 400 units<br /><br />2. **Above-Equilibrium Price Supply and Demand:**<br /> - At the above-equilibrium price, the quantity supplied is 4 times the equilibrium quantity.<br /> \[<br /> \text{Quantity Supplied} = 4 \times 400 = 1600 \text{ units}<br /> \]<br /> - At the above-equilibrium price, the quantity demanded is \( \frac{1}{2} \) of the equilibrium quantity.<br /> \[<br /> \text{Quantity Demanded} = \frac{1}{2} \times 400 = 200 \text{ units}<br /> \]<br /><br />3. **Calculate Surplus:**<br /> - Surplus is the difference between the quantity supplied and the quantity demanded at the above-equilibrium price.<br /> \[<br /> \text{Surplus} = \text{Quantity Supplied} - \text{Quantity Demanded} = 1600 - 200 = 1400 \text{ units}<br /> \]<br /><br />Therefore, the surplus in the market at the above-equilibrium price is 1400 units.