A10 The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell.The market price of a laptop is shown by the black horizontal line at $175.Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline,purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (Note: The name labels are to the rightof 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 laptop at a market price of $175. (Note: Ifa person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)JakeAntonioCarolineDmitrFrancesJakewill sell laptops at the given market price, and total producer8PRICE (Dollar per laptop)3503002502001501005001QUANTITY (Laptops)Based on the information on the preceding graph, you can tell thatsurplus in this market will be 5Suppose the market price of a laptop increases to $275.DmitriCarolineAntonio2FrancesMarket Price6 Onthe following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a laptopat the new market price: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dashsymbols) for Frances, and orange (square symbols) for Jake. (Note: If a person will not sell a laptop at the new market price, indicate this by leavinghis or her rectangle in its original position on the palette)400350JakeAntonio300250CarolineDmit150100Frances50QUANTITY (Laptops)Based on the information in the second graph, when the market price of a laptop increases to $275, the number of sellers willing to sell a laptopand total producer surplustoPRICE (Dallan per laptop)DmitriCarolineAntonioFrancesMarket Price

producer surplus is characterized as the distinction between the amount the producer will supply…

The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell. The market price of a laptop is shown by the black horizontal line at $175. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (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 laptop at a market price of $175. (Note: If person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)

The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell. The market price of a laptop is shown by the black horizontal line at $175. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (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 laptop at a market price of $175. (Note: If person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 7SQP

See similar textbooks

Similar questions

The following graph shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Two factors that affect the supply of sedans are the level of technical knowledge—in this case, the speed with which manufacturing robots can fasten bolts, or robot speed—and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour. Suppose that the price of a sedan increases from $21,000 to $26,000. This would cause the quantity supplied of sedans to ________ (options: increase, decrease) , which is reflected on the graph by a ________ (options: shift of, movement along) the supply curve. Suppose the workers' union negotiates a pay raise. This causes a _________ (options: leftward movement along, rightward movement along, leftward shift of, rightward shift of) the supply curve because the pay raise…
Back to Assignment Attempts: Do No Harm: / 1 10. Market equilibrium The following table shows the monthly demand and supply in the market for shoes in Dallas. Price Quantity Demanded Quantity Supplied (Dollars per pair of shoes) (Pairs of shoes) (Pairs of shoes) 20 1,100 200 40 900 400 60 800 500 80 600 900 100 500 1,200 On the following graph, plot the demand for shoes using the blue point (circle symbol). Next, plot the supply of shoes using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. DemandSupplyEquilibrium020040060080010001200120100806040200PRICE (Dollars per pair of shoes)QUANTITY (Pairs of shoes) Grade It Now Save & Continue Continue without…
The following table shows the weekly demand and supply in the market for shoes in Miami. Based on the preceding table, plot the demand for shoes on the following graph using the blue points (circle symbol). Next, plot the supply of shoes using the orange points (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shoes.
The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for tablets. The market price of a tablet is shown by the black horizontal line at $120. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Paolo, green (triangle symbols) for Sharon, purple (diamond symbols) for Van, tan (dash symbols) for Amy, and blue (circle symbols) for Carlos. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a tablet at a market price of $120. (Note: If a person will not purchase a tablet at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) Based on the information on the previous graph, you can tell that____will buy tablets at the given market price, and total consumer surplus in this market will be___ Suppose the market price of a tablet decreases…
Demonstrate that if the markets for two commodities are in equilibrium, the third market must also be in equilibrium.
Refer to the above diagram of the market for corn. If the price in this market is $2 per bushel, then there will be:
Suppose the following graph shows the market supply for avocados. A severe drought destroys much of the crop of avocados. Show the impact of the severe drought by shifting the supply curve on the following graph.
At a price of $5 per bag, William is willing to supply 3 bags of oranges, Marguerite 2 bags, and Felipe 5 bags. At a price of $7 per bag, William is willing to supply 5 bags, Marguerite 4 bags, and Felipe 7 bags. Graph and carefully label the individual supply curves, and then graph the market supply curve for oranges (at these two prices).
You may have observed that items such as different brands of aspirin, tomato sauce, or gasoline are typically priced the same as each other. This is particularly true when consumers can find these goods in close proximity to each other. For example, prices are often the same at gas stations that are on opposite sides of the street. Prices are also generally the same for products next to each other on the same grocery store shelf. Choose the correct fill in the blank. The aforementioned examples are goods that are likely to be substitutes or complements You would expect the value of the cross-price elasticity to be insignificant, small, or large because the opportunity cost of getting information on price is low.