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8. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smart phones (orange line). Each seller has only one smart phone to sell. The market price of a smart phone is shown by the black horizontal line at $175. Each rectangle you can place on the following graph corresponds to a particular seller in this market: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smart phone at a market price of $175. (Note: If a person will not sell a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per smart phone) 400 T 350- 300 250 200 150 100 50 0 0 Musashi 1 Rina 2 Sean Yvette Bob Market Price = $175 3 4 5 QUANTITY (Smart phones) 6 7 18 Based on the information on the previous graph, you can tell that producer surplus in this market will be S Suppose the market price of a smart phone increases to $275. 98 Musashi j Rina Sean 32 Yvette Bob will sell smart phones at the given market price, and total 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 smart phone at the new market price: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. (Note: If a person will not sell a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)

8. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smart phones (orange line). Each seller has only one smart phone to sell. The market price of a smart phone is shown by the black horizontal line at $175. Each rectangle you can place on the following graph corresponds to a particular seller in this market: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smart phone at a market price of $175. (Note: If a person will not sell a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per smart phone) 400 T 350- 300 250 200 150 100 50 0 0 Musashi 1 Rina 2 Sean Yvette Bob Market Price = $175 3 4 5 QUANTITY (Smart phones) 6 7 18 Based on the information on the previous graph, you can tell that producer surplus in this market will be S Suppose the market price of a smart phone increases to $275. 98 Musashi j Rina Sean 32 Yvette Bob will sell smart phones at the given market price, and total 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 smart phone at the new market price: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. (Note: If a person will not sell a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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8. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smart phones (orange line). Each seller has only one smart phone to sell. The market price of a smart phone is shown by the black horizontal line at $175. Each rectangle you can place on the following graph corresponds to a particular seller in this market: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smart phone at a market price of $175. (Note: If a person will not sell a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per smart phone) 400 T 350 300 144 250 200 150 100 50 0 0 Musashi 1 Rina 2 Sean Yvette Bob Market Price = $175 4 5 3 QUANTITY (Smart phones) 781 7 18 Based on the information on the previous graph, you can tell that producer surplus in this market will be S Suppose the market price of a smart phone increases to $275. 98 Musashi Rina ** Sean DC Yvette Bob will sell smart phones at the given market price, and total 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 smart phone at the new market price: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. (Note: If a person will not sell a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Transcribed Image Text:8. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smart phones (orange line). Each seller has only one smart phone to sell. The market price of a smart phone is shown by the black horizontal line at $175. Each rectangle you can place on the following graph corresponds to a particular seller in this market: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smart phone at a market price of $175. (Note: If a person will not sell a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per smart phone) 400 T 350 300 144 250 200 150 100 50 0 0 Musashi 1 Rina 2 Sean Yvette Bob Market Price = $175 4 5 3 QUANTITY (Smart phones) 781 7 18 Based on the information on the previous graph, you can tell that producer surplus in this market will be S Suppose the market price of a smart phone increases to $275. 98 Musashi Rina ** Sean DC Yvette Bob will sell smart phones at the given market price, and total 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 smart phone at the new market price: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. (Note: If a person will not sell a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)
PRICE (Dollars per sma PRICE (Dollars per smart phone) 200 150 100+ 50 0 400 350 300 50 250 + 0 200 150 100 0 Musashi Based on the information on the previous graph, you can tell that producer surplus in this market will be S Suppose the market price of a smart phone increases to $275. 0 1 Rina Musashi Y 2 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 smart phone at the new market price: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. (Note: If a person will not sell a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) 2 Sean Rina Yvette 3 114 5 QUANTITY (Smart phones) to Market Price = $175 Sean Yvette Bob 6 7 3 4 5 QUANTITY (Smart phones) Market Price = $275 B D Kina Sean Yvette Bob Musashi Rina Sean Yvette will sell smart phones at the given market price, and total Bob ? Based on the information in the second graph, when the market price of a smart phone increases to $275, the number of sellers willing to sell a smart phone and total producer surplus to S
Transcribed Image Text:PRICE (Dollars per sma PRICE (Dollars per smart phone) 200 150 100+ 50 0 400 350 300 50 250 + 0 200 150 100 0 Musashi Based on the information on the previous graph, you can tell that producer surplus in this market will be S Suppose the market price of a smart phone increases to $275. 0 1 Rina Musashi Y 2 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 smart phone at the new market price: blue (circle symbols) for Musashi, green (triangle symbols) for Rina, purple (diamond symbols) for Sean, tan (dash symbols) for Yvette, and orange (square symbols) for Bob. (Note: If a person will not sell a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) 2 Sean Rina Yvette 3 114 5 QUANTITY (Smart phones) to Market Price = $175 Sean Yvette Bob 6 7 3 4 5 QUANTITY (Smart phones) Market Price = $275 B D Kina Sean Yvette Bob Musashi Rina Sean Yvette will sell smart phones at the given market price, and total Bob ? Based on the information in the second graph, when the market price of a smart phone increases to $275, the number of sellers willing to sell a smart phone and total producer surplus to S
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