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Based on 'willingness to sell, plot is supply curve as a step function on the following graph using the orange points (aquare symbol). Be sure to your first t Quy -0- 0 o Pour Supe Suppose the price of a bottle of water is $5. Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Edison will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Edison's producer surplus. In this case, Edison receives S in producer surplus from his water sales. If the price rises to $7, Edison now sells bottles of water. This his producer surplus to $

Based on 'willingness to sell, plot is supply curve as a step function on the following graph using the orange points (aquare symbol). Be sure to your first t Quy -0- 0 o Pour Supe Suppose the price of a bottle of water is $5. Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Edison will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Edison's producer surplus. In this case, Edison receives S in producer surplus from his water sales. If the price rises to $7, Edison now sells bottles of water. This his producer surplus to $

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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5. Problems and Applications Q5 Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $2 Cost of second bottle: $4 Cost of third bottle: $6 Cost of fourth bottle: $8 From this information, complete the following table by deriving Edison's supply schedule. Quantity Supplied 4 Price More than $8 $6 to $8 $4 to $6 $2 to $4 $2 or less 3 2 1 0
Transcribed Image Text:5. Problems and Applications Q5 Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $2 Cost of second bottle: $4 Cost of third bottle: $6 Cost of fourth bottle: $8 From this information, complete the following table by deriving Edison's supply schedule. Quantity Supplied 4 Price More than $8 $6 to $8 $4 to $6 $2 to $4 $2 or less 3 2 1 0
Based on Edison's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sure to plot your first point at (0, 0). Price of Water 10 9 8 1 0 0 1 Quantity of Water 4 Edison's Supply Price $5 * Quantity Sold ● Producer Surplus (? Suppose the price of a bottle of water is $5. Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Edison will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Edison's producer surplus. In this case, Edison receives $ in producer surplus from his water sales. If the price rises to $7, Edison now sells bottles of water. This his producer surplus to
Transcribed Image Text:Based on Edison's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sure to plot your first point at (0, 0). Price of Water 10 9 8 1 0 0 1 Quantity of Water 4 Edison's Supply Price $5 * Quantity Sold ● Producer Surplus (? Suppose the price of a bottle of water is $5. Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Edison will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Edison's producer surplus. In this case, Edison receives $ in producer surplus from his water sales. If the price rises to $7, Edison now sells bottles of water. This his producer surplus to
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