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- What is total surplus? How is it illustrated on a demand and supply diagram?Name some farm that can cause a shift in the supply curve in markets for goods and services.USE TABLE #1: Now, assume the market for electric automobiles is an efficient market. The producer surplus for the market for electric automobiles is $_____. (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).
- Suppose that the price of materials used to produce computer hardware, such as graphics cards, is decreased. Show what occurs to price, quantity, consumer surplus, producer surplus, and total surplus in the market for computers graphic cards using a supply-and-demand diagram (draw a graph). Furthermore, provide five explanations for what occurred.The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ Quantity: game consoles b. Show the area of consumer surplus on the graph, and then determine how much consumer surplus is generated in the market each week. Instructions: Use the tool provided “CS” to illustrate this area on the graph. Consumer surplus: $ Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.7. Producer surplus for an individual and a market Suppose the market for apple pie is a perfectly competitive market—that is, sellers take the market price as given. Eric owns a restaurant where he sells apple pie. The following graph shows Eric's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of apple pie is $3.00 per slice, as shown by the horizontal black line.
- 17.- Mention and explain what each of the types of supply , for the analysis of the supply.USE TABLE #1: Now, assume the market for electric automobiles is an efficient market. The consumer surplus for the market for electric automobiles is $_____. (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).5. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $150. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Kenji, green (triangle symbols) for Lucia, purple (diamond symbols) for Paolo, tan (dash symbols) for Sharon, and orange (square symbols) for Van. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $150. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
- 6 . Consumer Surplus Ana buys an iPhone for $150 and gets a consumer surplus of $200. Her willingness to pay for an iPhone is $_________. If she had bought the iPhone on sale for $100, her consumer surplus would have been $_______. If the price of the iPhone had been $370, her consumer surplus would have been $_________.11) Draw a supply and demand graph, properly label all curves and axes. Then draw the effect of a forest fire on the market for lumber. Clearly mark how quantity and price changeUSE TABLE #1: The calculation you used to find the producer surplus for the efficient market for electric automobiles is 1/2 x ($ ____________ - $__________ ) x ( _____ - ________ ). (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).