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8 PRICE (Dollars per used smart device) 8. 8 160 0 0 Brian Crystal Edison + Hilary Kevin 3 QUANTITY (Used smart devices) 5 Maria -0 Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph True Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. False O O

8 PRICE (Dollars per used smart device) 8. 8 160 0 0 Brian Crystal Edison + Hilary Kevin 3 QUANTITY (Used smart devices) 5 Maria -0 Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph True Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. False O O

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 3.8P
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200 PRICE (Dollars per used smart device) 8 160 120 0 0 Brian 1 Crystal + Edison Hilary Kevin 2 4 QUANTITY (Used smart devices) 5 Maria B Region X (the purple shaded area) represents total producer surplus when the market price is equal to S when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph. True False O O O O Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. In order for Hilary to earn a producer surplus of exactly $20 from selling a used smart device, the market price must be 3
Transcribed Image Text:200 PRICE (Dollars per used smart device) 8 160 120 0 0 Brian 1 Crystal + Edison Hilary Kevin 2 4 QUANTITY (Used smart devices) 5 Maria B Region X (the purple shaded area) represents total producer surplus when the market price is equal to S when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph. True False O O O O Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. In order for Hilary to earn a producer surplus of exactly $20 from selling a used smart device, the market price must be 3
6. Producer surplus and price changes The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used smart devices. Each seller has only a single used smart device available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used smart device. PRICE (Dollars per used smart device) 240 200 160 120 0 0 Brian DO 1 Edison 0 Crystal D+O Hilary Kevin 2 4 QUANTITY (Used smart devices) ローロ Maria 0
Transcribed Image Text:6. Producer surplus and price changes The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used smart devices. Each seller has only a single used smart device available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used smart device. PRICE (Dollars per used smart device) 240 200 160 120 0 0 Brian DO 1 Edison 0 Crystal D+O Hilary Kevin 2 4 QUANTITY (Used smart devices) ローロ Maria 0
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