1. Consider the market for used textbooks. Use Exhibit A-5 to calculate the total producer surplus. 2.Using Exhibit A-6, and assuming the market is in equilibrium at QEs identify areas ACD, DCE, and ACE. Now explain the result of underproduction at Q in terms of areas BCG, GCF, and BCF EXHIBIT A-5 Used Textbook Marketl WillingnessMarketPotentialpriceto sellseller$30$60Forest0e3045Betty3035Alan3025Paul023010Alice EXHIBIT A-6 Used Textbook MarketSВevoPrice perusedCDtextbookolgioubo cduDEQEQQuantity of used textbooksper semesterLLA

Since we answer only one question at a time, we will answer the first question. Kindly upload the…

EXHIBIT A-5 Used Textbook Market l Willingness Market Potential price to sell seller $30 $60 Forest 0e 30 45 Betty 30 35 Alan 30 25 Paul 02 30 10 Alice EXHIBIT A-6 Used Textbook Market S В evo Price per used C D textbook olgioubo c duD E QE Q Quantity of used textbooks per semester LL A

EXHIBIT A-5 Used Textbook Market l Willingness Market Potential price to sell seller $30 $60 Forest 0e 30 45 Betty 30 35 Alan 30 25 Paul 02 30 10 Alice EXHIBIT A-6 Used Textbook Market S В evo Price per used C D textbook olgioubo c duD E QE Q Quantity of used textbooks per semester LL A

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section11.1: The Drtferentkinds Of Goods

Problem 1QQ

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Question

1. Consider the market for used textbooks. Use Exhibit A-5 to calculate the total producer surplus.

2.Using Exhibit A-6, and assuming the market is in equilibrium at QEs identify areas ACD, DCE, and ACE. Now explain the result of underproduction at Q in terms of areas BCG, GCF, and BCF

EXHIBIT A-5 Used Textbook Market
l Willingness
Market
Potential
price
to sell
seller
$30
$60
Forest
0e
30
45
Betty
30
35
Alan
30
25
Paul
02
30
10
Alice

EXHIBIT A-6 Used Textbook Market
S
В
evo
Price per
used
C
D
textbook
olgioubo c
duD
E
QE
Q
Quantity of used textbooks
per semester
LL
A

Definition Definition Producer’s gain from trade. The producer surplus is the area above the supply curve but below the equilibrium price and up to the equilibrium quantity.

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