5. Producer surplus for a group of sellers The following graph plots a supply curve (orange line) for several sellers in the market for VR headsets in State College, a university town in Pennsylvania. Each seller has a single VR headset for sale. The market price of VR headsets is given by the horizontal black line at $210. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a VR headset at a market price of $210. (Note: If a person will not sell a VR headset at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 Antonio Jake 360 300 Caroline Frances 240 Market Price Dmitri 180 120 60 Antonio Caroline Dmitri Frances 0 0 1 2 3 4 5 6 7 8 Jake QUANTITY (VR headsets) (?) Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ will sell VR headsets at the given market price, and total Suppose the market price of a VR headset increases to $330. On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a VR headset at the new market price: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (Note: If a person will not sell a VR headset at the new market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 Jake 360 300 240 180 120 60 Antonio Caroline Dmitri Frances Antonio Market Price Caroline Dmitri Frances 0 0 1 2 3 4 5 6 7 8 Jake QUANTITY (VR headsets) (?) Based on the information in the second graph, when the market price of a VR headset increases to $330, the number of sellers willing to sell a VR headset and total producer surplus to $ to '

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 55P: Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the...
Question
100%
5. Producer surplus for a group of sellers
The following graph plots a supply curve (orange line) for several sellers in the market for VR headsets in State College, a university town in
Pennsylvania. Each seller has a single VR headset for sale. The market price of VR headsets is given by the horizontal black line at $210.
Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline,
purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (Note: The name labels are to the right
of the corresponding segment on the supply curve.)
Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a VR headset at a market price of $210.
(Note: If a person will not sell a VR headset at the market price, indicate this by leaving their rectangle in its original position on the palette.)
PRICE (Dollars per VR headset)
480
420
Antonio
Jake
360
300
Caroline
Frances
240
Market Price
Dmitri
180
120
60
Antonio
Caroline
Dmitri
Frances
0
0
1
2
3
4
5
6
7
8
Jake
QUANTITY (VR headsets)
(?)
Transcribed Image Text:5. Producer surplus for a group of sellers The following graph plots a supply curve (orange line) for several sellers in the market for VR headsets in State College, a university town in Pennsylvania. Each seller has a single VR headset for sale. The market price of VR headsets is given by the horizontal black line at $210. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a VR headset at a market price of $210. (Note: If a person will not sell a VR headset at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 Antonio Jake 360 300 Caroline Frances 240 Market Price Dmitri 180 120 60 Antonio Caroline Dmitri Frances 0 0 1 2 3 4 5 6 7 8 Jake QUANTITY (VR headsets) (?)
Based on the information on the preceding graph, you can tell that
producer surplus in this market will be $
will sell VR headsets at the given market price, and total
Suppose the market price of a VR headset increases to $330.
On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a VR
headset at the new market price: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan
(dash symbols) for Frances, and orange (square symbols) for Jake. (Note: If a person will not sell a VR headset at the new market price, indicate this
by leaving their rectangle in its original position on the palette.)
PRICE (Dollars per VR headset)
480
420
Jake
360
300
240
180
120
60
Antonio
Caroline
Dmitri
Frances
Antonio
Market Price
Caroline
Dmitri
Frances
0
0
1
2
3
4
5
6
7
8
Jake
QUANTITY (VR headsets)
(?)
Based on the information in the second graph, when the market price of a VR headset increases to $330, the number of sellers willing to sell a VR
headset
and total producer surplus
to $
to
'
Transcribed Image Text:Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ will sell VR headsets at the given market price, and total Suppose the market price of a VR headset increases to $330. On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a VR headset at the new market price: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (Note: If a person will not sell a VR headset at the new market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 Jake 360 300 240 180 120 60 Antonio Caroline Dmitri Frances Antonio Market Price Caroline Dmitri Frances 0 0 1 2 3 4 5 6 7 8 Jake QUANTITY (VR headsets) (?) Based on the information in the second graph, when the market price of a VR headset increases to $330, the number of sellers willing to sell a VR headset and total producer surplus to $ to '
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