Using the previous graph, you can determine that Musashi is willing to supply his 6th weekly macaroon for $macaroon, the producer surplus earned from supplying the 6th macaroon is $Suppose the price of macaroons were to rise to $3.00 per macaroon. At this higher price, Musashi would receive a producer surplus of $from the 6th macaroon he sells.The following graph plots the weekly market supply curve (orange line) for macaroons in a hypothetical small economy.Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of macaroons is $2.25 per macaroon.Then, use the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.00 per macaroon.9.00PRICE (Dollars per macaroon)8.257.50 +6.756.00 +5.254.50 +3.753.00Q2.251.500.75 +0P=$3.00Small Economy's Weekly SupplyP=$2.250Supply24 48 72 96 120 144 168 192 216 240 264 288QUANTITY (Thousands of macaroons)◇Initial PS (P=$2.25)Since he receives $2.25 perAdditional PS (P=$3.00)? 7. Producer surplus for an individual and a marketSuppose the market for macaroons is perfectly competitive, so sellers take the market price as given. Musashi manages a bakery that offers.macaroons for sale. The following graph plots Musashi's weekly supply curve (orange line). Point A represents a point along his supply curve. The priceof macaroons is $2.25 per macaroon, which is given by the black horizontal line.PRICE (Dollars per macaroon)9.008.257.50 +6.756.00 +5.254.503.753.00-2.251.500.75 +00PriceSupplyMusashi's Weekly Supply6, 1.5*A2 4 610 12 14 16 18QUANTITY (Macaroons)8202224?Using the previous graph, you can determine that Musashi is willing to supply his 6th weekly macaroon for $macaroon, the producer surplus earned from supplying the 6th macaroon is $Since he receives $2.25 perSuppose the price of macaroons were to rise to $3.00 per macaroon. At this higher price, Musashi would receive a producer surplus of $from the 6th macaroon he sells.

From the information given in the graph fill in the blanks:Using the previous graph, you can…

Using the previous graph, you can determine that Musashi is willing to supply his 6th weekly macaroon for S macaroon, the producer surplus earned from supplying the 6th macaroon is $ Suppose the price of macaroons were to rise to $3.00 per macaroon. At this higher price, Musashi would receive a producer surplus of from the 6th macaroon he sells. The following graph plots the weekly market supply curve (orange line) for macaroons in a hypothetical small economy. Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of macaroons is $2.25 per macaroon. Then, use the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.00 per macaroon. (?) 9.00 8.25 PRICE (Dollars per macaroon) 7.50 6.75 + 6.00 5.25 + 4.50 + 3.75 3.00 a 2.25 1.50 + 0.75 0 P=$3.00 Small Economy's Weekly Supply P=$2.25 0 Supply 24 48 72 168 192 216 240 264 288 96 120 144 168 Initial PS (P=$2.25) Since he receives $2.25 per A Additional PS (P=$3.00)

Using the previous graph, you can determine that Musashi is willing to supply his 6th weekly macaroon for S macaroon, the producer surplus earned from supplying the 6th macaroon is $ Suppose the price of macaroons were to rise to $3.00 per macaroon. At this higher price, Musashi would receive a producer surplus of from the 6th macaroon he sells. The following graph plots the weekly market supply curve (orange line) for macaroons in a hypothetical small economy. Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of macaroons is $2.25 per macaroon. Then, use the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.00 per macaroon. (?) 9.00 8.25 PRICE (Dollars per macaroon) 7.50 6.75 + 6.00 5.25 + 4.50 + 3.75 3.00 a 2.25 1.50 + 0.75 0 P=$3.00 Small Economy's Weekly Supply P=$2.25 0 Supply 24 48 72 168 192 216 240 264 288 96 120 144 168 Initial PS (P=$2.25) Since he receives $2.25 per A Additional PS (P=$3.00)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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