Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Sam owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of waterrises as he pumps more. Here is the cost he incurs to produce each bottle of water:Cost of first bottle: $1Cost of second bottle: $3Cost of third bottle: $5Cost of fourth bottle: $7From this information, complete the following table by deriving Sam's supply schedule.Quantity SuppliedPriceMore than $7Price of Water$5 to $7$3 to $5$1 to $3$1 or lessBased on Sam's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sure toplot your first point at (0, 0).1098721001310In this case, Sam receives 523Quantity of WaterSuppose the price of a bottle of water is $4.450Sam's SupplyPrice = $4Quantity SoldProducer SurplusUse the black line (plus symbol) to draw a price line at $4. Next use the grey point (star symbol) to indicate how many bottles of water Sam willproduce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Sam's producer surplus.in producer surplus from his water sales.

A supply curve is a graphical representation of the relationship between the quantity of a good or…

Sam owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $5 Cost of fourth bottle: $7 From this information, complete the following table by deriving Sam's supply schedule. Quantity Supplied Price More than $7 $5 to $7 $3 to $5 $1 to $3 $1 or less Price of Water Based on Sam's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sure plot your first point at (0, 0). 10 9 7 2 3 2 1 0 0 -O Sam's Supply Price = $4 Quantity Sold Producer Surplus

Sam owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $5 Cost of fourth bottle: $7 From this information, complete the following table by deriving Sam's supply schedule. Quantity Supplied Price More than $7 $5 to $7 $3 to $5 $1 to $3 $1 or less Price of Water Based on Sam's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sure plot your first point at (0, 0). 10 9 7 2 3 2 1 0 0 -O Sam's Supply Price = $4 Quantity Sold Producer Surplus

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 5PA

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What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…
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