Need help with this question, remember its all part of the same question.Please show me how to do the graphs and where to put the colors for each person. Possible answers to the empty spots:1. Based on the information on the previous graph, you can tell that___________(Choose one of the following: 1,2,3,4 or 5 sellers) will sell digital cameras at the given market price, and total producer surplus in this market will be_______$2. Based on the information in the second graph, when the market price of a digital camera increases to $275, the number of sellers willing to sell a digital camera___________(Choose one of the following: increases or decreases) to__________(Choose one of the following: 1,2,3,4 or 5 sellers), and total producer surplus________(Choose one of the following: increases or decreases) to_______$ . The following graph shows the supply curve for a group of sellers in the U.S. market for digital cameras (orange line). Each seller has only onedigital camera to sell. The market price of a digital camera is shown by the black horizontal line at $175.Each rectangle you can place on the following graph corresponds to a particular seller in this market: blue (circle symbols) for Raphael, green (trianglesymbols) for Susan, purple (diamond symbols) for Alex, tan (dash symbols) for Becky, and orange (square symbols) for Clancy. Use the rectangles toshade the areas representing producer surplus for each person who is willing to sell a digital camera at a market price of $175. (Note: If a person willnot sell a digital camera at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)PRICE (Dollars per digital camera)4003503002502001501005000SusanRaphael2AlexBeckyClancyMarket Price $17535QUANTITY (Digital cameras)6Based on the information on the previous graph, you can tell thatproducer surplus in this market will be $RaphaelSusanAlexBeckyClancywill sell digital cameras at the given market price, and total Suppose the market price of a digital camera increases to $275.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 digitalcamera at the new market price: blue (circle symbols) for Raphael, green (triangle symbols) for Susan, purple (diamond symbols) for Alex, tan (dashsymbols) for Becky, and orange (square symbols) for Clancy. (Note: If a person will not sell a digital camera at the new market price, indicate this byleaving his or her rectangle in its original position on the palette.)PRICE (Dollars per digital camera)4003503002502001501005000SusanRaphael12AlexBeckyClancyMarket Price $2756QUANTITY (Digital cameras)RaphaelSusanAlexBeckyClancyBased on the information in the second graph, when the market price of a digital camera increases to $275, the number of sellers willing to sell adigital cameraand total producer surplusto $▼ to

Graph-1 :- At market price of 175, Based on the information on the previous graph, you can tell…

Answered: The following graph shows the supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need help with this question, remember its all part of the same question.

Please show me how to do the graphs and where to put the colors for each person.

Possible answers to the empty spots:

1. Based on the information on the previous graph, you can tell that___________(Choose one of the following: 1,2,3,4 or 5 sellers) will sell digital cameras at the given market price, and total producer surplus in this market will be_______$

2. Based on the information in the second graph, when the market price of a digital camera increases to $275, the number of sellers willing to sell a digital camera___________(Choose one of the following: increases or decreases) to__________(Choose one of the following: 1,2,3,4 or 5 sellers), and total producer surplus________(Choose one of the following: increases or decreases) to_______$

The following graph shows the supply curve for a group of sellers in the U.S. market for digital cameras (orange line). Each seller has only one
digital camera to sell. The market price of a digital camera is shown by the black horizontal line at $175.
Each rectangle you can place on the following graph corresponds to a particular seller in this market: blue (circle symbols) for Raphael, green (triangle
symbols) for Susan, purple (diamond symbols) for Alex, tan (dash symbols) for Becky, and orange (square symbols) for Clancy. Use the rectangles to
shade the areas representing producer surplus for each person who is willing to sell a digital camera at a market price of $175. (Note: If a person will
not sell a digital camera at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
PRICE (Dollars per digital camera)
400
350
300
250
200
150
100
50
0
0
Susan
Raphael
2
Alex
Becky
Clancy
Market Price $175
3
5
QUANTITY (Digital cameras)
6
Based on the information on the previous graph, you can tell that
producer surplus in this market will be $
Raphael
Susan
Alex
Becky
Clancy
will sell digital cameras at the given market price, and total

Suppose the market price of a digital camera increases to $275.
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 digital
camera at the new market price: blue (circle symbols) for Raphael, green (triangle symbols) for Susan, purple (diamond symbols) for Alex, tan (dash
symbols) for Becky, and orange (square symbols) for Clancy. (Note: If a person will not sell a digital camera at the new market price, indicate this by
leaving his or her rectangle in its original position on the palette.)
PRICE (Dollars per digital camera)
400
350
300
250
200
150
100
50
0
0
Susan
Raphael
1
2
Alex
Becky
Clancy
Market Price $275
6
QUANTITY (Digital cameras)
Raphael
Susan
Alex
Becky
Clancy
Based on the information in the second graph, when the market price of a digital camera increases to $275, the number of sellers willing to sell a
digital camera
and total producer surplus
to $
▼ to

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