Calculate producer surplus at the equilibrium price for the graph below

V1

The following graph shows the monthly demand and supply curves in the market for kettles. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per kettle) 100 90 80 70 60 50 40 30 20 10 0 0 Supply The equilibrium price in this market is $ Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Kettles) Graph Input Tool Market for Kettles Price (Dollars per kettle) Shortage or Surplus 60 40 Price (Dollars per kettle) Quantity Demanded (Kettles) per kettle, and the equilibrium quantity is 30 Shortage or Surplus Amount (Kettles) 500 Quantity Supplied (Kettles) kettles per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward…