The following graph plots a supply curve (orange line) for several sellers in the market for motor scooters in College Station, a university town inTexas. Each seller has a single motor scooter for sale. The market price of motor scooters is given by the horizontal black line at $100.Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Nick, green (triangle symbols) for Rosa, purple(diamond symbols) for Tim, tan (dash symbols) for Alyssa, and orange (square symbols) for Brian. (Note: The name labels are to the right of thecorresponding segment on the supply curve.)Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at a market price of $100.(Note: If a person will not sell a motor scooter at the market price, indicate this by leaving their rectangle in its original position on the palette.)?PRICE (Dollars per motor scooter)1601401201008060892000Nick2RosaTimAlyssaBrian345QUANTITY (Motor scooters)Market Price67 8Based on the information on the preceding graph, you can tell thatproducer surplus in this market will be $NickRosaTimAlyssaBrianwill sell motor scooters at the given market price, and total Suppose the market price of a motor scooter decreases to $60.On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a motorscooter at the new market price: blue (circle symbols) for Nick, green (triangle symbols) for Rosa, purple (diamond symbols) for Tim, tan (dashsymbols) for Alyssa, and orange (square symbols) for Brian. (Note: If a person will not sell a motor scooter at the new market price, indicate this byleaving their rectangle in its original position on the palette.)PRICE (Dollars per motor scooter)160140120100808604020001Nick2RosaTimAlyssaBrian345QUANTITY (Motor scooters)Market Price678NickRosaTimAlyssaBrian(?)Based on the information in the second graph, when the market price of a motor scooter decreases to $60, the number of sellers willing to sell amotor scooter, and total producer surplusto $to

A producer will gain from selling its product in market when the price at which it sells is greater…

The following graph plots a supply curve (orange line) for several sellers in the market for motor scooters in College Station, a university town in Texas. Each seller has a single motor scooter for sale. The market price of motor scooters is given by the horizontal black line at $100.

The following graph plots a supply curve (orange line) for several sellers in the market for motor scooters in College Station, a university town in Texas. Each seller has a single motor scooter for sale. The market price of motor scooters is given by the horizontal black line at $100.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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