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 $175. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (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 $175. (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.) Based on the information on the preceding graph, you can tell that____will sell smartphones at the given market price, and total producer surplus in this market will be____. Suppose the market price of a smartphone increases to $275. On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a smartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell a smartphone___to____, and total producer surplus___to. 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 $175.(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.)400350DmitriNick300250FrancesLatasha200Market PriceJake150Jake100FrancesLatashaDmitriNick6823457QUANTITY (Smartphones)Based on the information on the preceding graph, you can tell thatwill sell smartphones at the given market price, and totalproducer surplus in this market will be $one sellerSuppose the market price of a smartphone increases to $275two sellersthree sellersOn the following graph, use the rectangles once again to shade theting producer surplus for each person who is willing to sell afour sellersgle symbols) for Frances, purple (diamond symbols) for Jake, tansmartphone at the new market price: blue (circle symbols) for Dmitson will not sell a smartphone at the new market price, indicate(dash symbols) for Latasha, and orange (square symbols) for Nick.five sellersthis by leaving his or her rectangle in its original position on the palette.)PRICE (Dollars per smartphone)50 On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell asmartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan(dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicatethis by leaving his or her rectangle in its original position on the palette.)?400350NickDmitri300Market Price250FrancesLatasha200Jake150Jake100FrancesLatashaDmitri0012368Nick7QUANTITY (Smartphones)Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell aand total producer surplussmartphonetoto $PRICE (Dollars per smartphone)50

Question

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 $175. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (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 $175. (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.) Based on the information on the preceding graph, you can tell that____will sell smartphones at the given market price, and total producer surplus in this market will be____. Suppose the market price of a smartphone increases to $275. On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a smartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell a smartphone___to____, and total producer surplus___to. 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 $175.(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.)400350DmitriNick300250FrancesLatasha200Market PriceJake150Jake100FrancesLatashaDmitriNick6823457QUANTITY (Smartphones)Based on the information on the preceding graph, you can tell thatwill sell smartphones at the given market price, and totalproducer surplus in this market will be $one sellerSuppose the market price of a smartphone increases to $275two sellersthree sellersOn the following graph, use the rectangles once again to shade theting producer surplus for each person who is willing to sell afour sellersgle symbols) for Frances, purple (diamond symbols) for Jake, tansmartphone at the new market price: blue (circle symbols) for Dmitson will not sell a smartphone at the new market price, indicate(dash symbols) for Latasha, and orange (square symbols) for Nick.five sellersthis by leaving his or her rectangle in its original position on the palette.)PRICE (Dollars per smartphone)50 On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell asmartphone at the new market price: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan(dash symbols) for Latasha, and orange (square symbols) for Nick. (Note: If a person will not sell a smartphone at the new market price, indicatethis by leaving his or her rectangle in its original position on the palette.)?400350NickDmitri300Market Price250FrancesLatasha200Jake150Jake100FrancesLatashaDmitri0012368Nick7QUANTITY (Smartphones)Based on the information in the second graph, when the market price of a smartphone increases to $275, the number of sellers willing to sell aand total producer surplussmartphonetoto $PRICE (Dollars per smartphone)50

Accepted Answer

The market price for Smartphone is given to be $175 and there are 5 sellers in the market. The given…