Joey, David, Tracy, and Surly own one track bicycle apiece, and they've each modified to sell them as fixed-gear bikes or "fixies." Joey is willing to sell his bike at $100 or more. Likewise, David will sell his fixie for $150, and Tracy at $200.Currently, all fixies sell for $250. On the graph below, move the gray Price line from $0 to the market price for fixies. Then, draw each person's producer surplus (PS) by moving the areas assigned to each seller. Place the seller with the largest producer surplus the furthest to the left. Also pay attention to the quantity axis and make sure the shaded areas have a width of 1. 500 Joey 450 David 400 Tracy 350 300 250 200 150 100 Price 50 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Quantity (number of fixies) Calculate total producer surplus. Total Producer Surplus: $ Price (S)

Joey, David, Tracy, and Surly own one track bicycle apiece, and they've each modified to sell them as fixed-gear bikes or "fixies." Joey is willing to sell his bike at $100 or more. Likewise, David will sell his fixie for $150, and Tracy at $200.Currently, all fixies sell for $250. On the graph below, move the gray Price line from $0 to the market price for fixies. Then, draw each person's producer surplus (PS) by moving the areas assigned to each seller. Place the seller with the largest producer surplus the furthest to the left. Also pay attention to the quantity axis and make sure the shaded areas have a width of 1. 500 Joey 450 David 400 Tracy 350 300 250 200 150 100 Price 50 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Quantity (number of fixies) Calculate total producer surplus. Total Producer Surplus: $ Price (S)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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