PLEASE ANSWER ALL THE QUESTIONS AND BLANKS COMPLETELY.. THAnK YOU!! 200PRICE (Dollars per used smart device)816012000Brian1Crystal+EdisonHilaryKevin24QUANTITY (Used smart devices)5MariaBRegion X (the purple shaded area) represents total producer surplus when the market price is equal to Swhen the market pricearea) representswhile Region Y (the grey shadedIn the following table, indicate which statements are true or false based on the information provided on the previous graph.True FalseO OOOStatementAssuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison.Producer surplus is smaller when the price is $140 than when it is $120.In order for Hilary to earn a producer surplus of exactly $20 from selling a used smart device, the market price must be 3 6. Producer surplus and price changesThe following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used smart devices. Each seller has only a singleused smart device available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller iswilling to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used smart device.PRICE (Dollars per used smart device)24020016012000BrianDO1Edison0CrystalD+OHilaryKevin24QUANTITY (Used smart devices)ローロMaria0

Producer surplus refers to the area below the price and above the supply curve. It is the difference…

8 PRICE (Dollars per used smart device) 8. 8 160 0 0 Brian Crystal Edison + Hilary Kevin 3 QUANTITY (Used smart devices) 5 Maria -0 Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph True Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. False O O

8 PRICE (Dollars per used smart device) 8. 8 160 0 0 Brian Crystal Edison + Hilary Kevin 3 QUANTITY (Used smart devices) 5 Maria -0 Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph True Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. False O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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