Question

4. Producer surplus for an individual and a market Suppose the market for cheesecake is a perfectly competitive market-that is, sellers take the market price as given. Bob owns a restaurant where he sells cheesecake. The following graph shows Bobs weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line Bobs wieekly Supply 6.75 AIN 6.25 .00 Price 2.25 0.75 Supply 0 246 8 012 4 16 1 20 QUANTITY (Slices of cheesecake)From the previous graph, you can tell that Bob is willing to supply his 8th slice of cheesecake for the 8th slice of cheesecake is S Suppose the price of cheesecake were to rise to $3.75 per slice. At this higher price, Bob would receive each week. Since he receives $3.00 per slice, the producer surplus he gains from supplying a producer surplus of from the 8th slice of cheesecake he sells. The following graph shows the weekly market supply of cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.75 per slice.Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.75 per slice. Small Economys waekly Supply 7.50 6 75 Initial PS (P-$3.00) 25 Additional PS (P-$3.75) P-53.75 3.75 2.25 1I .75 Supply 0 20 4060 80 00 120 140 160 80 200 QUANTITY (Thausands of slices of cheesecake) Grade It Now Save & Continue Continue without saving could you help me finish this whole question?

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
could you help me finish this whole question? 4. Producer surplus for an individual and a...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Producer surplus for an individual and a market. Suppose the market for pizza is a perfectly...

    Producer surplus for an individual and a market. Suppose the market for pizza is a perfectly competitive market—that is, sellers take the market price as given. Sean owns a restaurant where he sells pizza. The following graph shows Sean's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of pizza is $3.00 per slice, as shown by the horizontal black line. From the previous graph, you can tell that Sean...

  • could you help me this whole question? 2. Consumer surplus for an individual and a market...

    could you help me this whole question? 2. Consumer surplus for an individual and a market The following graph shows Yvette's weekly demand for pizza, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of pizza is $3.00 per slice, as shown by the horizontal black line. Yvette's Weekly Demand 7.50 T 6.75 .25Demand tx 3.75 Price e 3.00 2 으2.25 0.75 0 246 8 14 16 18 20 QUANTITY (Slices...

  • Homework (Ch 07) 7. Producer surplus for an individual and a market . Suppose the market...

    Homework (Ch 07) 7. Producer surplus for an individual and a market . Suppose the market for plzza is a perfectly competitive market-that is, sellers take the market price as given. Van owns a restaurant w pizza. The following graph shows Van's weekly supply curve, represented by the orange line. Point A represents of pizza is $3.00 per slice, as shown by the horizontal black line. PRICE (Dollars per slice) R & + From the previous graph, you can tell...

  • Suppose the market for cheesecake is a perfectly competitive market--that is, sellers take the market price...

    Suppose the market for cheesecake is a perfectly competitive market--that is, sellers take the market price as given. Manuel owns a restaurant where he sells cheesecake. The following graph shows Manuel's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line.From the previous graph, you can tell that Manuel is willing to supply his 8th slice of cheesecake...

  • 7. Producer surplus for an individual and a market Suppose the market for cheesecake is a...

    7. Producer surplus for an individual and a market Suppose the market for cheesecake is a perfectly competitive market-that is, sellers take the market price as given. Manuel owns a restaurant where he sells cheesecake. The following graph shows Manuel's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Manuel's Weekly Supply 5.00 4.00 3.50 3.50 3.00...

  • Consumer surplus for an individual and a market The following graph shows Cho's weekly demand for...

    Consumer surplus for an individual and a market The following graph shows Cho's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Cho's Weekly Demand 7.50 6.75 6.00 5.25 4.50 3.75 Price 3.00 2.25 1.50 0.75 0 28 10 12 41 18 20 QUANTITY (Slices of cheesecake) From the previous graph, you can tell...

  • 7. Producer surplus for an individual and a market Suppose the market for cheesecake s a...

    7. Producer surplus for an individual and a market Suppose the market for cheesecake s a parfectly competitive market-that s,sellars talke the market price as given. Shen owns a restaurant where he sells cheesecake. The follawing graph shows Shan's weddy supply curve, represented by the arange line. Point A represerts a point alang his supply curve. The price of cheesacake is $3.00 per slicn, as shown by the horizontal black lne. 3hen's weakly 3uppty the previcus graph, you can tell...

  • Suppose the market for apple pie is a perfectly competitive market-that is, sellers take the market...

    Suppose the market for apple pie is a perfectly competitive market-that is, sellers take the market price as given. Dmitri owns a restaurant where he curve. The price of apple pie is $3.00 per slice, as shown by the horizontal black line. Dmitri's Weekly Supply 6.73 PRICE (Dollars per slice) Supply 0 2 4 16 18 20 6 8 10 12 14 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Dmitri is willing to supply...

  • 7. Consumer surplus for an individual and a market The following graph shows Becky's weekly demand...

    7. Consumer surplus for an individual and a market The following graph shows Becky's weekly demand for pizza, represented by the blue line. Point A represents point along her weekly demand. The market price of pizza is $3.00 per slice, as shown by the horizontal black line. Becky's Weekly Demand 7.50 6.75 6.00 Demand 5.25 4,50 3.75 Price 3.00 2,25 1.50 0.75 0 0 10 12 14 16 18 20 4 QUANTITY (Slices of pizza) From the previous graph, you...

  • 2. Consumer surplus for an individual and a market The following graph shows Jacques's weekly demand...

    2. Consumer surplus for an individual and a market The following graph shows Jacques's weekly demand for cheesecake, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of cheesecake is $1.25 per slice, as shown by the horizontal black line. Jacques's Weekly Demand 2.50 Demand 2.25 2.00 1 75 1.50 Price 1 25 1,00 0.75 0.50 0 25 0 2468 101214 16 18 20 QUANTITY (Slices of cheesecake) for his 8th...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT