The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator 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 calculator.
Region A (the purple shaded area) represents the total producer surplus when the market price is _______ , while Region B (the grey shaded area) represents the total producer surplus when the market price _______ .
In the following table, indicate 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, Lorenzo will always receive more producer surplus than Neha.
Producer surplus is smaller when the price is $175 than when it is $125.
In order for Andrew to earn a producer surplus of exactly $50 from selling a used calculator, the market price needs to be _______ .
Answer:-
Region A (purple area) represents the total producer surplus when the market price is $125. While Region B (grey area) represents the change in total producer surplus when the market price changes from $125 to $195
Assuming each student receives a positive surplus; Lorenzo will always receive more producer surplus than Neha – True
Producer surplus is smaller when the price is $175 than when it is $125 – False
In order for Andrew to earn a producer surplus of exactly $50 from selling a used calculator, the market price needs to be 200 + 50 = $250
The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell.
6. Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator 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 calculator. Region A (the purple shaded area) represents the total producer...
6. Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used finance textbooks. Each student has only one used textbook 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 textbook. Region A (the purple shaded area) represents the total producer...
The following graph shows the supply curve for a group of students looking to sell used tablets. Each student has only one used tablet 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 tablet. Region A (the purple shaded area) represents the total producer surplus when the market price is...
The following graph shows the supply curve for a group of students looking to sel used graphing calculators. Each student has only one used calculator 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 calculator Beth Andrew I . PRICE (Dolars per used calculator) . Teresa Lorenzo QUANTITY (Used...
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6. Producer surplus and price changes The following graph shows the supply are a group of students looking to sel used statistics textbook토 Each student has on yone used textbook to sel. Each rectangular segment under the supply curve represents the "cnst,ar minmum accoptable price, for ane student. Assume that anyone who has a cast just equal to the market price is wiling to sell his or her used texthook 200 Susan Raphad 1220 Megan Lamy OLIANTITY Usedtextbooks) Regian A...
In the following table, indicate 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, Simone will
always receive less producer surplus than Yakov.
Producer surplus is smaller when the price is $175 than when it
is $125.
In order for Dina to earn a producer surplus of exactly $50 from
selling a used textbook, the market price needs to be
.
6. Producer surplus...