Question: Please help question 6 Saved W Market Efficiency i Refer to the figure. 6 Market for Science Fiction Books Tools $20 $18 $16 PS PSadd

Please help question 6

Please help question 6 Saved W Market Efficiency i Refer to the

Saved W Market Efficiency i Refer to the figure. 6 Market for Science Fiction Books Tools $20 $18 $16 PS PSadd Print $14 $12 PSnew Price (dollars $10 $8 0 2 3 5 6 7 8 9 10 Quantity (thousands of books) The graph represents the supply of science fiction books. a. If the market price is $6 per book, how much producer surplus is created for sellers? Shade in this area on the graph. Instructions: Use the tool provided 'PS' to illustrate this area on the graph. Suppose the market price increases to $10 per book. Producer surplus in the market will increase for two reasons. b. First, producers will gain additional surplus on the books already sold. How much additional producer surplus is gained from the higher price on each existing book sold? Shade in this area on the graph. Instructions: Use the tool provided 'PSadd' to illustrate this area on the graph. c. Second, producers will gain surplus when more books are, produced. How much producer surplus is gained from the production of new books? Shade in this area on the graph. Instructions: Use the tool provided 'PSnew' to illustrate this area on the graph

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