MindTap Economics, 1 term (6 months) Printed Access Card for Mankiw's Principles of Microeconomics, 8th (MindTap Course List)
8th Edition
ISBN: 9781337096560
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 7.2, Problem 2QQ
To determine
The supply curve for turkey and the producer surplus .
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3
Producer Surplus, PS
$12
$11
S
Book
Print
rences
Legend
●Demand
● Supply
Price
$10
$9
$8
$7
$6
D
$5
0
1
2 3
4 5 6 7 8
00
Tons of Wheat (in thousands)
9 10
a. Indicate the consumer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph.
b. Indicate the producer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.
Figure 4-4
PRICE
a
P
B
Q
a
QUANTITY
Supply
Refer to Figure 4-4. The movement from point A to point B on the graph is called
a decrease in supply.
an increase in supply.
an increase in the quantity supplied.
a decrease in the quantity supplied.
tv
all A
18
not use ai please
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MindTap Economics, 1 term (6 months) Printed Access Card for Mankiw's Principles of Microeconomics, 8th (MindTap Course List)
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