The following graph shows the supply curve for a group of students looking to sell used...
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The following graph shows the supply curve for a group of students looking to sell used tablets. Each student has only one used tablet to sell. Each rectangular segment under the supply curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used tablet. PRICE (Dollars per used tablet) 300 250 200 150 100 50 0 + 0 Sam DO 1 B A Andrew Teresa O Beth 0+0 Darnell 2 3 4 QUANTITY (Used tablets) 5 ☐ Eleanor + 6 ? Region A (the purple shaded area) represents the total producer surplus when the market price is $ when the market price represents , while Region B (the grey shaded area) In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each student receives a positive surplus, Sam will always receive more producer surplus than Teresa. There are fewer people selling used tablets when the market price is $175 than when it is $150. Producer surplus is smaller when the price is $175 than when it is $150. True False In order for Beth to earn a producer surplus of exactly $25 from selling a used tablet, the market price needs to be $ O O O 0 O The following graph shows the supply curve for a group of students looking to sell used tablets. Each student has only one used tablet to sell. Each rectangular segment under the supply curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used tablet. PRICE (Dollars per used tablet) 300 250 200 150 100 50 0 + 0 Sam DO 1 B A Andrew Teresa O Beth 0+0 Darnell 2 3 4 QUANTITY (Used tablets) 5 ☐ Eleanor + 6 ? Region A (the purple shaded area) represents the total producer surplus when the market price is $ when the market price represents , while Region B (the grey shaded area) In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each student receives a positive surplus, Sam will always receive more producer surplus than Teresa. There are fewer people selling used tablets when the market price is $175 than when it is $150. Producer surplus is smaller when the price is $175 than when it is $150. True False In order for Beth to earn a producer surplus of exactly $25 from selling a used tablet, the market price needs to be $ O O O 0 O
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The producer surplus is defined as the area above the supply curve and ... View the full answer
Related Book For
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
Posted Date:
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