Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $175. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 400 350 Dmitri Nick 300 250 Frances Latasha 200 Market Price Jake 150 Jake 100 Frances Latasha Dmitri Nick 6 8 2 3 4 5 7 QUANTITY (Smartphones) Based on the information on the preceding graph, you can tell that will sell smartphones at the given market price, and total producer surplus in this market will be $ one seller Suppose the market price of a smartphone increases to $275 two sellers three sellers On the following graph, use the rectangles once again to shade the ting producer surplus for each person who is willing to sell a four sellers gle symbols) for Frances, purple (diamond symbols) for Jake, tan smartphone at the new market price: blue (circle symbols) for Dmit son will not sell a smartphone at the new market price, indicate (dash symbols) for Latasha, and orange (square symbols) for Nick. five sellers this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per smartphone) 50 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 smartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? 400 350 Nick Dmitri 300 Market Price 250 Frances Latasha 200 Jake 150 Jake 100 Frances Latasha Dmitri 0 0 1 2 3 6 8 Nick 7 QUANTITY (Smartphones) Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell a and total producer surplus smartphone to to $ PRICE (Dollars per smartphone) 50

Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $175. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 400 350 Dmitri Nick 300 250 Frances Latasha 200 Market Price Jake 150 Jake 100 Frances Latasha Dmitri Nick 6 8 2 3 4 5 7 QUANTITY (Smartphones) Based on the information on the preceding graph, you can tell that will sell smartphones at the given market price, and total producer surplus in this market will be $ one seller Suppose the market price of a smartphone increases to $275 two sellers three sellers On the following graph, use the rectangles once again to shade the ting producer surplus for each person who is willing to sell a four sellers gle symbols) for Frances, purple (diamond symbols) for Jake, tan smartphone at the new market price: blue (circle symbols) for Dmit son will not sell a smartphone at the new market price, indicate (dash symbols) for Latasha, and orange (square symbols) for Nick. five sellers this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per smartphone) 50 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 smartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? 400 350 Nick Dmitri 300 Market Price 250 Frances Latasha 200 Jake 150 Jake 100 Frances Latasha Dmitri 0 0 1 2 3 6 8 Nick 7 QUANTITY (Smartphones) Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell a and total producer surplus smartphone to to $ PRICE (Dollars per smartphone) 50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $175.

Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: The name labels are to the right of the corresponding segment on the supply curve.)

Based on the information on the preceding graph, you can tell that____will sell smartphones at the given market price, and total producer surplus in this market will be____.

Suppose the market price of a smartphone 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 smartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)

Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell a smartphone___to____, and total producer surplus___to

Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $175.
(Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
400
350
Dmitri
Nick
300
250
Frances
Latasha
200
Market Price
Jake
150
Jake
100
Frances
Latasha
Dmitri
Nick
6
8
2
3
4
5
7
QUANTITY (Smartphones)
Based on the information on the preceding graph, you can tell that
will sell smartphones at the given market price, and total
producer surplus in this market will be $
one seller
Suppose the market price of a smartphone increases to $275
two sellers
three sellers
On the following graph, use the rectangles once again to shade the
ting producer surplus for each person who is willing to sell a
four sellers
gle symbols) for Frances, purple (diamond symbols) for Jake, tan
smartphone at the new market price: blue (circle symbols) for Dmit
son will not sell a smartphone at the new market price, indicate
(dash symbols) for Latasha, and orange (square symbols) for Nick.
five sellers
this by leaving his or her rectangle in its original position on the palette.)
PRICE (Dollars per smartphone)
50

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
smartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan
(dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicate
this by leaving his or her rectangle in its original position on the palette.)
?
400
350
Nick
Dmitri
300
Market Price
250
Frances
Latasha
200
Jake
150
Jake
100
Frances
Latasha
Dmitri
0
0
1
2
3
6
8
Nick
7
QUANTITY (Smartphones)
Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell a
and total producer surplus
smartphone
to
to $
PRICE (Dollars per smartphone)
50

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