### Graph Description:The graph shows the relationship between the quantity of used textbooks and their price, indicating producer surpluses through shaded areas.- **Axes:** - X-axis: Quantity (Used textbooks), ranging from 0 to 6. - Y-axis: Price (Dollars per used textbook), ranging from 0 to 240.- **Data Points:** - Five sellers are represented by orange squares at different quantities and price levels: Jake, Latasha, Nick, Rosa, Tim, and Alyssa.- **Shades and Lines:** - Region A (purple shaded area) represents the total producer surplus at a certain market price. - Region B (grey shaded area) represents another scenario of producer surplus at a different market price. - Horizontal dashed lines cross through the graph indicating different price levels associated with producer surplus regions.### Questions:1. **Region A (the purple shaded area)** represents the total producer surplus when the market price is $_____, while **Region B (the grey shaded area)** represents ___________________________ when the market price _____________________.2. **True or False Statements:** - Assuming each student receives a positive surplus, Nick will always receive more producer surplus than Rosa. - [ ] True - [ ] False - Producer surplus is smaller when the price is $140 than when it is $100. - [ ] True - [ ] False3. In order for Alyssa to earn a producer surplus of exactly $60 from selling a used textbook, the market price needs to be $______.### Instructions:- Fill in the blanks and select true or false for the statements based on the graph's information.

Producer surplus is the area below price and above supply curve. Consumer surplus is the area below…

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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