The following graph shows the supply curve for a group of students looking to sell used iPods. Each student has only one used iPod 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 iPod. 240 1 200 160 Alyssa Tim B Rosa A Nick Latasha 40 Jake 4 QUANTITY (Used iPods) Region A (the purple shaded area) represents the total producer surplus when the market price isS while region B (the grey shaded area) 1. 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 Assuming each student receives a positive surplus, Jake will always receive less producer surplus than Latasha. Producer surplus is smaller when the price is $140 versus when it is $100. There are more people selling used iPods when the market price is $140 than when it is $100. In order for Alyssa to earn a producer surplus of exactly $60 from selling a used iPod, the market price needs to be S PRICE (Dollars per used iPod)

The following graph shows the supply curve for a group of students looking to sell used iPods. Each student has only one used iPod 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 iPod. 240 1 200 160 Alyssa Tim B Rosa A Nick Latasha 40 Jake 4 QUANTITY (Used iPods) Region A (the purple shaded area) represents the total producer surplus when the market price isS while region B (the grey shaded area) 1. 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 Assuming each student receives a positive surplus, Jake will always receive less producer surplus than Latasha. Producer surplus is smaller when the price is $140 versus when it is $100. There are more people selling used iPods when the market price is $140 than when it is $100. In order for Alyssa to earn a producer surplus of exactly $60 from selling a used iPod, the market price needs to be S PRICE (Dollars per used iPod)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 1SQP

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