Region A (the purple shaded area) represents the total producer surplus when the market price is $representswhen the market priceIn the following table, indicate which statements are true or false based on the information provided on the previous graph.StatementTrueOAssuming each student receives a positive surplus, Gilberto will always receive more producer surplus than Juanita.Producer surplus is smaller when the price is $245 than when it is $175.OIn order for Neha to earn a producer surplus of exactly $70 from selling a used textbook, the market price needs to be 5while Region B (the grey shaded area)FalseOO 6. Producer surplus and price changesThe following graph shows the supply curve for a group of students looking to sell used math textbooks. Each student has only one used textbook tosell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone whohas a cost just equal to the market price is willing to sell his or her used textbook.420350028021014070PRICE (Dollars per used textbook)04+B0DOCharles1BADDina3, 175GilbertoJuanitaローナロロLorenzo23QUANTITY (Used textbooks)Neha

Here, the given graph shows the minimum willingness to accept by different producers.The term…

6. Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used math textbooks. Each student has only one used textbook to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used textbook. 420 350 0 280 210 140 70 0 PRICE (Dollars per used textbook) 0 Charles B 00 D 1 Dina 3, 175 Gilberto Juanda DO Lorenzo 2 3 QUANTITY (Used textbooks) Neha

6. Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used math textbooks. Each student has only one used textbook to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used textbook. 420 350 0 280 210 140 70 0 PRICE (Dollars per used textbook) 0 Charles B 00 D 1 Dina 3, 175 Gilberto Juanda DO Lorenzo 2 3 QUANTITY (Used textbooks) Neha

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please answer #5 letter a and b.
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