Question: 1. 5 Use the table in Problem 2. a Use a graph to illustrate Minnies producer surplus. b Is Minnies an efficient producer of water?

1. 5 Use the table in Problem 2.

a Use a graph to illustrate Minnie’s producer surplus. b Is Minnie’s an efficient producer of water? Explain your answer.

c Suppose that new wells were discovered nearby to Minnie’s and Minnie’s faced competition from new producers.

Explain what would happen to Minnie’s output, price and profit.

Price (euros per bottle) Quantity (bottles) Total cost (euros) 10 8 0

Price (euros per bottle) Quantity (bottles) Total cost (euros) 10 8 0 1 6 4 3C 123 2 4 7 13 21 0 5 31

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