Homework (Ch 07)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 onesmartphone to sell. The market price of a smartphone is shown by the black horizontal line at $105.Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Jacques, green (triangle symbols) for Kyoko,purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and orange (square symbols) for Sean. (Note: The name labels are to the right ofthe corresponding segment on the supply curve.)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 $105.(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.)?240210SeanJacques180150Kyoko12090Musashi60C OPRICE (Dollars per smartphone)KyokoRinaMusashiMarket PriceC PRICE (Dollars per smi1209060300RinaKyokoMarket PriceJacques012345678QUANTITY (Smartphones)will sell smartphones at the given market price, and totalBased on the information on the preceding graph, you can tell thatproducer surplus in this market will be $Suppose the market price of a smartphone increases to $165.On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell asmartphone at the new market price: blue (circle symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi,tan (dash symbols) for Rina, and orange (square symbols) for Sean. (Note: If a person will not sell a smartphone at the new market price, indicatethis by leaving his or her rectangle in its original position on the palette.)?CKYUKUMusashiRinaSeanMusashi

The measure that depicts the difference between the price in the market and the lowest price being…

will sell smartphones at the given market price, and total Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ Suppose the market price of a smartphone increases to $165. 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 Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and orange (square symbols) for Sean. (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.)

will sell smartphones at the given market price, and total Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ Suppose the market price of a smartphone increases to $165. 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 Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and orange (square symbols) for Sean. (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.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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