The figure represents a supply function with a fixed market price denoted by its corresponding point on the supply graph. Calculate the values of and write sentences of interpretation for each of the following. q million pots 50 40 30 20 14 10 ✔(2,14) 2 5 (10, 30) (a) Producer revenue $ million 10 15 The total amount received from supplying p dollars per pot 20 (b) Producer surplus $ million The difference between the revenue from supplying (c) Producer willingness and ability to receive $ million The minimum amount of money needed to supply million pots at a market price of $ million pots and the amount that must be received to supply million pots is $ per pot, is $ million. million. million pots is $ million.

The figure represents a supply function with a fixed market price denoted by its corresponding point on the supply graph. Calculate the values of and write sentences of interpretation for each of the following. q million pots 50 40 30 20 14 10 ✔(2,14) 2 5 (10, 30) (a) Producer revenue $ million 10 15 The total amount received from supplying p dollars per pot 20 (b) Producer surplus $ million The difference between the revenue from supplying (c) Producer willingness and ability to receive $ million The minimum amount of money needed to supply million pots at a market price of $ million pots and the amount that must be received to supply million pots is $ per pot, is $ million. million. million pots is $ million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The figure represents a supply function with a fixed market price denoted by its corresponding point on the supply graph. Calculate the values of and write sentences of interpretation for each of the following.
q million
pots
50
40
30
20
14
10
2
(2,14)
(a) Producer revenue
$
million
(10, 30)
5
10
15
The total amount received from supplying
p dollars.
per pot
20
(b) Producer surplus
$
million
The difference between the revenue from supplying
(c) Producer willingness and ability to receive
$
million
The minimum amount of money needed to supply
million pots at a market price of $
million pots and the amount that must be received to supply
million pots is $
per pot, is $
million.
million.
million pots is $
million.

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Step 1: Define Supply Function

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Step 2: Determine the producer Revenue

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Step 3: Determine the producer Surplus

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Step 4: Asses the producer’s willingness to receive

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