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 $175.(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.)400350KevinBrian300250CrystalHilary200Market PriceEdison150Edison100CrystalHilary50Brian1256.7KevinQUANTITY (Smartphones)will sell smartphones at the given market price, and totalBased on the information on the preceding graph, you can tell thatproducer surplus in this market will be $Suppose the market price of a smartphone increases to $275.PRICE (Dollars per smartphone) On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell asmartphone at the new market price: blue (circle symbols) for Brian, green (triangle symbols) for Crystal, purple (diamond symbols) for Edison, tan(dash symbols) for Hilary, and orange (square symbols) for Kevin. (Note: If a person will not sell a smartphone at the new market price, indicate thisby leaving his or her rectangle in its original position on the palette.)400350KevinBrian300Market Price250CrystalHilary200Edison150Edison100CrystalHilary50Brian45678Kevin3QUANTITY (Smartphones)Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell aand total producer surplusto $tosmartphonePRICE (Dollars per smartphone)

The market price for Smartphone is provided to be $175 and in market there are 5 sellers. Sellers…

PRet price, indicate this by leaving his or her rectangle in its original position on the palette.) Kevin Brian Crystal Hilary Market Price Edison Edison Crystal Hilary an 3. 6. 7 Kevin QUANTITY (Smartphones) will sell smartphones at the given market price, and total tion on the preceding graph, you can tell that is market will be s

PRet price, indicate this by leaving his or her rectangle in its original position on the palette.) Kevin Brian Crystal Hilary Market Price Edison Edison Crystal Hilary an 3. 6. 7 Kevin QUANTITY (Smartphones) will sell smartphones at the given market price, and total tion on the preceding graph, you can tell that is market will be 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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