CENGAGE Chapter 07 Homework Based on the information on the preceding graph, you can tell that will sell VR headsets at the given market price, and total producer surplus in this market will be $ Suppose the market price of a VR headset increases to $330. 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 VR headset at the new market price: blue (circle symbols) for Larry, green (triangle symbols) for Megan, purple (diamond symbols) for Raphael, tan (dash symbols) for Susan, and orange (square symbols) for Alex. (Note: If a person will not sell a VR headset at the new market price, indicate this by leaving their rectangle in its original position on the palette.) Alex Larry Market Price Susan PRICE (Dollars per VR headset) 240 180 Raphael 120 Megan Larry O * 89 LO # m O O C I LLChapter 07 Homework 5. Producer surplus for a group of sellers The following graph plots a supply curve (orange line) for several sellers in the market for VR headsets in State College, a university town in Pennsylvania. Each seller has a single VR headset for sale. The market price of VR headsets is given by the horizontal black line at $210. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Larry, green (triangle symbols) for Megan, purple (diamond symbols) for Raphael, tan (dash symbols) for Susan, and orange (square symbols) for Alex. (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 VR headset at a market price of $210. ( Note: If a person will not sell a VR headset at the market price, indicate this by leaving their rectangle in its original position on the palette.) 480 420 Alex Larry 360 300 Susan 240 PRICE (Dollars per VR headset Market Price Raphael 120 Megan Susan Larry 3 4 5 6 Alex QUANTITY (VR headsets) J 2 * 89 LO