Lise the rectangles to shade the areas representing producer surplus for each person who is wiWing to sel a smartphone at a market price of $150. (Note: If a person will not sel a smartphone at the market price, indicate this by leaving his or her rectangle in its original position an the palette.) 240 Van 210 Kenji 100 Sharon Market Price 190 Lucia 120 Paolo Paolo ED Lucia Sharon 30 Kenji 1 Van QUANTITY (Smanphanes) Based on the information on the preceding graph, you can tell that will sell smartphones at the given market price, and total producer surplus in this market will be s Suppose the market price of a smartphone decreases to $90. On the following graph, use the rectangies ance again to shade the areas representing producer surplus for each persan who is wiling to sell a smartphone at the new market price: blue (circle symbais) for Keng, green (triangle symbals) for Lucia, purple (diamond symbols) for Paolo, tan (dash symbals) for Sharon, and orange (square symbols) for Van. (Note: If a person wW not sel a smartphone at the new market price, indicate this by leaving his or her rectangle in its ariginal position on the palette.) 240 Van 210 Kenji Sharon 150 Lucia Paolo 120 Market Price Paolo Lucia Sharon Kenji 30 D 1 4 Van QUANTITY (Smanphanes) Based on the information in the second graph, when the market price of a smartphone decreases to $90, the number of sellers wiling to sell a smartphone and total producer surplus to to (ououdueus Jad son) n (ououdueus Jod smon) an

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. 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 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 $150.

Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Kenji, green (triangle symbols) for Lucia, purple (diamond symbols) for Paolo, tan (dash symbols) for Sharon, and orange (square symbols) for Van. (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 $150. (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.)

Lise the rectangles to shade the areas representing producer surplus for each person who is wWing to sel a smartphone at a market price of $150.
(Note: If a person will not sel a smartphone at the market price, indicate this by leaving his ar her rectangle in its original position an the palette.)
240
Van
210
Kenji
180
Sharon
Market Price
190
Lucia
130
Paolo
Paolo
ED
Lucia
Sharon
Kenji
10
1.
5
Van
QUANTITY (Smarphanes)
Based on the information on the preceding graph, you can tell that
will sell smartphones at the given market price, and total
producer surplus in this market will be
Suppose the market price of a smartphone decreases to $90.
On the folowing graph, use the rectangles ance again to shade the areas representing producer surplus for each persan who is willing to sell a
smartphone at the new market price: blue (circle symbais) for Keng, green (triangle symbals) for Lucia, purple (diamond symbols) for Paolo, tan
(dash symbols) far Sharon, and orange (square symbals) for Van. (Note: If a parson wW not sell a smartphone at the new market price, indicate this
by leaving his or her rectangle n its ariginal position on the palette.)
240
Van
210
Kenji
Sharon
150
Lucia
Paolo
120
Market Price
Paolo
Lucia
Sharon
Kenji
30
1
4
Van
QUANTITY (Smarphanes)
Based on the information in the second graph, when the market price of a smartphone decreases to $90, the number of sellers willing to sell a
smartphone
to
, and total producer surplus
to
(ououdumus Jad son) n4
(ououdumus Jad son) an4

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