producer surplus in this market will be sSuppose the market price of a motor scooter increases to $110.On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a motorscooter at the new market price: blue (dircle symbols) for Shen, green (triangle symbols) for Valerie, purple (diamond symbols) for Antonio, tan (dashsymbols) for Caroline, and orange (square symbols) for Dmitri. (Note: If a person will not sell a motor scooter at the new market price, indicate this byleaving their rectangle in its original position on the palette.)PRICE (Dollars per motor scooter)1601408100BO604020a1ShenValerieAntonioDmitriCaroline2 35QUANTITY (Motor scooters)Market PriceT⠀⠀⠀⠀X1X*XShenValerieAntonioCarolineDeti?Based on the information in the second graph, when the market price of a motor scooter increases to $110, the number of sellers willing to sell a motorscooterand total producer surplustotoF 5. Producer surplus for a group of sellersThe following graph plots a supply curve (orange line) for several sellers in the market for motor scooters in State College, a university town inPennsylvania. Each seller has a single motor scooter for sale. The market price of motor scooters is given by the horizontal black line at $70.Each rectangle on the graph corresponds to a particular seller in this market: blue (cirde symbols) for Shen, green (triangle symbols) for Valerie, purple(diamond symbols) for Antonio, tan (dash symbols) for Caroline, and orange (square symbols) for Dmitri. (Note: The name labels are to the right of thecorresponding segment on the supply curve.)Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at a market price of $70.(Note: If a person will not sell a motor scooter at the market price, indicate this by leaving their rectangle in its original position on the palette.)?PRICE (Dollars per motor scooter)16014012010080604020001Shen2ValerieAntonioDmitriCaroline34QUANTITY (Motor scooters)Market PriceBased on the information on the preceding graph, you can tell thatproducer surplus in this market will begmgShenஇயாதிValeriaAntonioDHECarolineBIEDimenwill sell motor scooters at the given market price, and total

Producer surplus is the difference between the market price and the minimum price a producer is…

On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at the new market price: blue (dircle symbols) for Shen, green (triangle symbols) for Valerie, purple (diamond symbols) for Antonio, tan (dash symbols) for Caroline, and orange (square symbols) for Dmitri. (Note: If a person will not sell a motor scooter at the new market price, indicate this by leaving their rectangle in its original position on the palette.) CE (Dollars per motor scooter) 160 140 120 100 80 60 Antonio Dmitri Caroline Market Price 1X1X1X Shen Valerie Antonio

On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at the new market price: blue (dircle symbols) for Shen, green (triangle symbols) for Valerie, purple (diamond symbols) for Antonio, tan (dash symbols) for Caroline, and orange (square symbols) for Dmitri. (Note: If a person will not sell a motor scooter at the new market price, indicate this by leaving their rectangle in its original position on the palette.) CE (Dollars per motor scooter) 160 140 120 100 80 60 Antonio Dmitri Caroline Market Price 1X1X1X Shen Valerie Antonio

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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Consider the market for sweet cherries in the Yakima Valley in Washington. The following are the equations of the supply and demand curves for sweet cherries in the Yakima Valley: Pd=452-Qd or Qd-452-Pd Ps=(1/450) * Qs+1 or Qs=450 * Ps-450=450 * (Ps-1) In these equations, P is the Price/lb of sweet cherries in the Yakima Valley, and Qd and Qs are the quantity demanded and the quantity supplied of cherries in milliion lbs per year. a) complete the table to find the Qd, Qs b) what are the equilibrium P and Q of cherries? c) Suppose that the P of sour cherries, a substitute of the sweet cherries, decreases. As a result the D curve for sweet cherries shifts, and the new D curve is given by the following equation: P=361.8-Qd or Qd-361.8-P Fill the Qd_d column of the table with your answers.
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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Colorado. The Mead market price of a motor scooter is given by the horizontal black line at $60. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Bob, green (triangle symbols) for Cho, purple (diamond symbols) for Eric, tan (dash symbols) for Ginny, and blue (circle symbols) for Kenji. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of $60. (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? PRICE (Dollars per motor scooter) 160 140 120 100 80 60 40 20 0 0 1 Bob 2 Cho Eric Ginny Kenji 3 4 5 QUANTITY (Motor scooters) Market Price 6 7 8 Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ Bob Cho Eric Ginny Kenji will buy motor scooters at…