PRICE (Dollars per used textbook) 240 200 160 Jake 0 0 1 B A Latasha O Nick 0 Rosa 0 □ Tim 4 QUANTITY (Used textbooks) D 0 Alyssa ☐ Region (the purple shaded area) represents the total producer surplus when the market price is $ represents when the market price , while Region B (the grey shaded area) In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each student receives a positive surplus, Nick will always receive more producer surplus than Rosa. Producer surplus is smaller when the price is $140 than when it is $100. True O O In order for Alyssa to earn a producer surplus of exactly $60 from selling a used textbook, the market price needs to be $ False O O

PRICE (Dollars per used textbook) 240 200 160 Jake 0 0 1 B A Latasha O Nick 0 Rosa 0 □ Tim 4 QUANTITY (Used textbooks) D 0 Alyssa ☐ Region (the purple shaded area) represents the total producer surplus when the market price is $ represents when the market price , while Region B (the grey shaded area) In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each student receives a positive surplus, Nick will always receive more producer surplus than Rosa. Producer surplus is smaller when the price is $140 than when it is $100. True O O In order for Alyssa to earn a producer surplus of exactly $60 from selling a used textbook, the market price needs to be $ False O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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