Macmillan Learning Price per violin The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from S1 to $2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market. 300 270 240 210 180 150 120 90 60 30 Market for violin $1 S2 CS PS D 0 0 10 20 30 40 50 60 70 Quantity of violine (in thousanda) 80 90 100

Macmillan Learning Price per violin The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from S1 to $2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market. 300 270 240 210 180 150 120 90 60 30 Market for violin $1 S2 CS PS D 0 0 10 20 30 40 50 60 70 Quantity of violine (in thousanda) 80 90 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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