The following graph plots the weekly market supply curve (orange line) for quiche in a hypothetical small economy. Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of quiche is $2.25 per slice. The the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.00 per slice. ? PRICE (Dollars per slice) 9.00 8.25 + 7.50 6.75 6.00 + 5.25 4.50 3.75 3.00 2.25 1.50 + 0.75 + 0 0 P=$3.00 P=$2.25 Supply 24 Small Economy's Weekly Supply 48 72 96 120 144 168 192 216 240 264 288 QUANTITY (Thousands of slices of quiche) Initial PS (P=$2.25) A Additional PS (P=$3.00)
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- Suppose the market for quiche is perfectly competitive, so sellers take the market price as given. Hilary manages a restaurant that offers quiche for sale. The following graph plots Hilary's weekly supply curve (orange line). Point A represents a point along her supply curve. The price of quiche is $2.25 per slice, which is given by the black horizontal line. PRICE (Dollars per slice) 9.00 8.25 7.50 6.75 6.00 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 0 Price Supply 2 4 Hilary's Weekly Supply A 6 8 10 12 14 16 QUANTITY (Slices of quiche) 18 + 20 22 24 Using the previous graph, you can determine that Hilary is willing to supply her 6th weekly slice of quiche for $ per slice, the producer surplus earned from supplying the 6th slice of quiche is $ Suppose the price of quiche were to rise to $3.00 per slice. At this higher price, Hilary would receive a producer surplus of $ slice of quiche she sells. Since she receives $2.25 from the 6thConsider a market for solar energy panels as shown in the given graph. Due to a major breakthrough in terms of technological advancement in its manufacturing, the cost of production has gone down drastically. This causes the manufacturers of solar energy panels to shift their supply curve. Show the impact of this technological advancement on the supply curve of solar energy panels. Using the Line drawing tool, draw the new supply curve of solar energy panels. Carefully follow the instructions above and only draw the required object. What happens to the equilibrium price and quantity demanded after the supply curve of solar energy panels shifts? O A. Both price and quantity demanded increase. O B. Both price and quantity demanded decrease. O C. Price increases and quantity demanded decreases. O D. Price decreases and quantity demanded increases. Click the graph choose a tool in the palette and follow the instructions to create your graph Price of solar panels Graph Quantity of solar…Suppose the market for sourdough is perfectly competitive, so sellers take the market price as given. Darnell manages a restaurant that offers sourdough for sale. The following graph plots Darnell's weekly supply curve (orange line). Point A represents a point along his supply curve. The price of sourdough is $2.25 per slice, which is given by the black horizontal line. PRICE (Dollars per slice) 9.00 8.25 7.50 6.75 6.00 5.25 4.50 3.75 3.00 2.25 1.50 0.75 Price Supply 0 2 4 XXX Darnell's Weekly Supply 6 A 8 10 12 14 16 18 QUANTITY (Slices of sourdough) 20 22 24 ? Using the previous graph, you can determine that Darnell is willing to supply his 6th weekly slice of sourdough for $ $2.25 per slice, the producer surplus earned from supplying the 6th slice of sourdough is $ Since he receives Suppose the price of sourdough were to rise to $3.00 per slice. At this higher price, Darnell would receive a producer surplus of $ 6th slice of sourdough he sells. The following graph plots the weekly…
- The demand and supply of muffins in a small town are shown in the graph below. A great review of the town's bakeries in a major newspaper causes the demand for muffins to increase by 2 muffins at each price. Draw the new demand curve. (Be sure to make the new demand curve the same length as the original using the segment tool.) Then add a point at the new equilibrium using the point tool. +Move Price per muffin 8 6 5 D 3 2 0 Point Segment N 3 6 Quantity of muffins per week Undo -00 Redo x Reset 9S S The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meade, a small town located in Kansas. The Meade market price of a bluetooth speaker is given by the horizontal black line at $60. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Andrew, green (triangle symbols) for Beth, purple (diamond symbols) for Darnell, tan (dash symbols) for Eleanor, and blue (circle symbols) for Jacques. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a bluetooth speaker at a market price of $60. (Note: If a person will not purchase a bluetooth speaker at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per bluetooth speaker) 160 140 120 100 80 60 40 20 0 0 Andrew 1 Beth Darnell 2 Eleanor 5 Market Price Jacques 6 3 4…The following graph plots a supply curve (orange line) for several sellers in the market for motor scooters in State College, a university town in Pennsylvania. Each seller has a single motor scooter for sale. The market price of motor scooters is given by the horizontal black line at $70. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Shen, green (triangle symbols) for Valerie, purple (diamond symbols) for Antonio, tan (dash symbols) for Caroline, and orange (square symbols) for Dmitri. (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 motor scooter at a market price of $70. (Note: If a person will not sell a motor scooter at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per motor scooter) 160 140 120 100 80 60…
- Suppose that the market for porcelain lupines in Freedonia is perfectly competitive and initially in a long nun equilibrium. Porcelain lupines are normal goods in Freedonia and are produced with a computer aided technology. Porcelain lupines and ceramic roses are substitutes while porcelain lupines and glass vases are complements. Suppose that a government report shows that people who possess ceramic roses are 72.74% more likely to suffer from erectile dysfunction. Describe with the use of diagrams the effects of this report upon the market for porcelain lupines in the short run and in the long run.Suppose that Paolo and Sharon are the only suppliers of collectible action figures in a particular market. The following table shows their annual supply schedules: Price Paolo's Quantity Supplied Sharon's Quantity Supplied (Dollars per action figure) (Action figures) (Action figures) 10 A-Z 4 8. 18 6. 12 24 8. 14 28 10 16 30 On the following graph, plot Paolo's supply of collectible action figures using the green points (triange symbol). Next, plot Sharon's supply of collectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 12 Paolo's Supply 10 Sharon's Supply MacBook Air F12 F11 F10 F9 FB F7 F6 吕0 F5 O00 F4 F3 * delete &QUESTION 9 9. Imagine a small bakery that produces two types of bread: Whole Wheat Bread (Good A) and White Bread (Good B). Both of these bread types require similar production processes and are considered substitutes in production. The bakery has been operating in a stable market until recently. The demand for Good A (Whole Wheat Bread) increases due to a health trend that promotes whole wheat products. As a result, the increase in demand for Good A shift the a) demand curve for good B rightward. b) demand curve for good B leftward. c) supply curve of good B rightward. d) supply curve of good B leftward. (4
- A buffet restaurant charges $70.00 per person. Explain how this price was determined. How much would the customer (person) eat? Use an illustration in your responseThe following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado. The Mead market price of a VR headset is given by the horizontal black line at $180. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of $180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 360 300 240 180 120 60 0 0 1 Jacques 2 Kyoko Musashi Rina Sean 3 4 5 QUANTITY (VR headsets) Market Price 6 7 8 Based on the…The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $175. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and orange (square symbols) for Nick. (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 smartphone at a market price of $175. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) Based on the information on the preceding graph, you can tell that____will sell smartphones at the…