Chapter 07 Homework Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Felix, green (triangle symbols) for Janet, purple (diamond symbols) for Larry, tan (dash symbols) for Megan, and orange (square symbols) for Raphael. (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 polaroid camera at a market price of $300. (Note: If a person will not sell a polaroid camera at the market price, indicate this by leaving their rectangle in its original position on the palette.) (?) 480 420 PRICE (Dollars per polaroid camera 360 300 240 180 120 60 0 0 1 Felix Janet 2 Larry Megan Raphael Market Price 6 3 4 5 QUANTITY (Polaroid cameras) 7 8 Based on the information on the preceding graph, you can tell that producer surplus in this market will be s Felix Janet Larry Megan Raphael will sell polaroid cameras at the given market price, and total

Chapter 07 Homework Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Felix, green (triangle symbols) for Janet, purple (diamond symbols) for Larry, tan (dash symbols) for Megan, and orange (square symbols) for Raphael. (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 polaroid camera at a market price of $300. (Note: If a person will not sell a polaroid camera at the market price, indicate this by leaving their rectangle in its original position on the palette.) (?) 480 420 PRICE (Dollars per polaroid camera 360 300 240 180 120 60 0 0 1 Felix Janet 2 Larry Megan Raphael Market Price 6 3 4 5 QUANTITY (Polaroid cameras) 7 8 Based on the information on the preceding graph, you can tell that producer surplus in this market will be s Felix Janet Larry Megan Raphael will sell polaroid cameras at the given market price, and total

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per phone) 300 270 240 210 180 150 60 30 0 0 Demand Supply 20 80 100 120 140 160 180 200 40 60 QUANTITY (Millions of phones) Total surplus in this market is $ million. Equilibrium Consumer Surplus Producer Surplus ?
Refer to Question 4b. The producer surplus for theater movies is $_____. Do not forget to round to two decimal places, input the decimal point and two places to the right of the decimal point, and place a comma, if needed.
Homework (Ch 07) The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $105. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and orange (square symbols) for Sean. (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 smartphone at a market price of $105. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? 240 210 Sean Jacques 180 150 Kyoko 120 90 Musashi 60 C O PRICE (Dollars per smartphone)…
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14. Over the past few year’s consumer tastes and the number of buyers in the market for a game called ‘pickle ball’ have increased dramatically. Thus, the demand for tickets to pickle ball events has increased. Before this all started the equilibrium price of a ticket to a pickle ball event was negative. This means that: A few years ago, there would have been a surplus of tickets even at a price of zero, now the invisible hand has pushed prices to greater than zero. A few years ago, the quantity of tickets demanded was less than quantity supplied. Pickle ball event tickets resembled the market for recyclable cardboard a few years ago Greater demand for pickle ball tournament tickets will lead to a greater demand – and higher pay – for professional pickle ball players. All of the above. B and D only
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