The following graph shows the supply curve for a group of students looking to sell used DVD players. Each student has only one used DVD player to sell, Each rectangular segment under the supply curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used DVD player. 360 T 300 240 Megan Larry 180 Janet Felix 120 Deborah 60 O Carlos QUANTITY (Used DVD players) 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 Complete the following table by indicating which statements are true or false based on the information provided on the previous graph. Statement True False Producer surplus is larger when the price is $210 versus when it is $180. Assuming each student receives a positive surplus, Felix will always receive more producer surplus than Janet. There are fewer people selling used DVD players when the market price is $210 than when it is $180. In order for Janet to earn a producer surplus of exactly $30 from selling a used DVD player, the market price needs to be S PRICE (Doll ars per used DVD pla yer)
The following graph shows the supply curve for a group of students looking to sell used DVD players. Each student has only one used DVD player to sell, Each rectangular segment under the supply curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used DVD player. 360 T 300 240 Megan Larry 180 Janet Felix 120 Deborah 60 O Carlos QUANTITY (Used DVD players) 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 Complete the following table by indicating which statements are true or false based on the information provided on the previous graph. Statement True False Producer surplus is larger when the price is $210 versus when it is $180. Assuming each student receives a positive surplus, Felix will always receive more producer surplus than Janet. There are fewer people selling used DVD players when the market price is $210 than when it is $180. In order for Janet to earn a producer surplus of exactly $30 from selling a used DVD player, the market price needs to be S PRICE (Doll ars per used DVD pla yer)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 10PA: A friend of yours is considering two cell phone service providers. Provider A charges 120 per month...
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Pls answer the highlighted blanks and the choices for thr labelled blnks are Choices: 1. The change in total producer surplus , the total producer surplus
2. Is $180, is $210, changes from $270 to $210, changes from $180 to $210
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