The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used motor scooters. Each seller has only a single used scooter available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used scooter. 240 200 PRICE (Dalam per used scooter) 8 160 120 0-0 Musashi Rina Statement Sean Yvette Bob 3 QUANTITY (Used scooters) 0-0 Cho Region X (the purple shaded area) represents total producer surplus when the market price is equal to area) represents when the market price In the following table, indicate which statements are true or false based on the inform ? Assuming each seller receives a positive surplus, Rina will always receive more prod Producer surplus is smaller when the price is $140 than when it is $120. is $120 is $140 while Region Y (the grey shaded changes from $180 to $140 changes from $120 to $140. In order for Yvette to earn a producer surplus of exactly $20 from selling a used scooter, the market price must be graph False O O

The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used motor scooters. Each seller has only a single used scooter available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used scooter. 240 200 PRICE (Dalam per used scooter) 8 160 120 0-0 Musashi Rina Statement Sean Yvette Bob 3 QUANTITY (Used scooters) 0-0 Cho Region X (the purple shaded area) represents total producer surplus when the market price is equal to area) represents when the market price In the following table, indicate which statements are true or false based on the inform ? Assuming each seller receives a positive surplus, Rina will always receive more prod Producer surplus is smaller when the price is $140 than when it is $120. is $120 is $140 while Region Y (the grey shaded changes from $180 to $140 changes from $120 to $140. In order for Yvette to earn a producer surplus of exactly $20 from selling a used scooter, the market price must be graph 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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