Sub : EconomicsPls answer very fast.I ll upvote. Thank You Based on Edison's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sureto plot your first point at (0, 0).Price of Water10981001Quantity of Water4Edison's SupplyPrice $5*Quantity Sold●Producer Surplus(?Suppose the price of a bottle of water is $5.Use the black line (plus symbol) to draw a price line at $5. Next use the grey point (star symbol) to indicate how many bottles of water Edison willproduce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Edison's producer surplus.In this case, Edison receives $in producer surplus from his water sales.If the price rises to $7, Edison now sellsbottles of water. Thishis producer surplus to 5. Problems and Applications Q5Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of waterrises as he pumps more. Here is the cost he incurs to produce each bottle of water:Cost of first bottle: $2Cost of second bottle: $4Cost of third bottle: $6Cost of fourth bottle: $8From this information, complete the following table by deriving Edison's supply schedule.Quantity Supplied4PriceMore than $8$6 to $8$4 to $6$2 to $4$2 or less3210

A supply schedule is a table showing the quantity supplied of a commodity at each price for a given…

5. Problems and Applications Q5 Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bettle: $2 Cost of second botte: $4 Cost of third bottle $6 Cost of fourth bottle: $8 From this information, complete the following table by deriving Edison's supply schedule. Quantity Supplied 4 Price More than $8 $6 to $8 $4 to $6 $2 to $4 $2 or less 3 2 1 0

5. Problems and Applications Q5 Edison owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bettle: $2 Cost of second botte: $4 Cost of third bottle $6 Cost of fourth bottle: $8 From this information, complete the following table by deriving Edison's supply schedule. Quantity Supplied 4 Price More than $8 $6 to $8 $4 to $6 $2 to $4 $2 or less 3 2 1 0

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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In choosing a production technology, how will firms react if one input becomes relatively more expensive?
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
What is productive efficiency? Allocative efficiency?
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Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget? 2. If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 3. Show in an illustration where pokemon cards is in the x-axis and y-axis is the sticker.
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