2. Producer surplus for a group of sellersThe following graph shows the supply curve for a group of sellers in the U.S. market for DVD players. Each seller hasonly one DVD player to sell. Each rectangular segment under the supply curve represents the "cost," or minimumacceptable price, for one seller. The market price of a DVD player is $140, as shown by the black horizontal line.Each rectangle on the following graph corresponds to a particular seller in this market: blue (dirde symbols) for Eric,green (triangle symbols) for Diego, red (cross symbols) for Calvin, purple (diamond symbols) for Brett, and tan(rectangle symbols) for Angle. Use the rectangles to shade the areas representing producer surplus for each personwho is willing to sell a DVD player at a market price of $140. (Note: If a person is not willing to sell this item at themarket price, you will leave his or her rectangle in its original position on the side of the graph.)PRICE IDollars per DVD player32029020040d320200240200Angie1:201PRICE IDollars per DVD player404Brett21CalvinBased on the information on the previous graph, you can tell thatgiven market price, and total producer surplus in this market will be34SQUANTITY (DVD players2Suppose the market price of a DVD player changes to $180. On the following graph, use the rectangles once again toshade the areas representing producer surplus for each person who is willing to sell a DVD player at the new marketprice: blue (dirde symbols) for Eric, green (triangle symbols) for Diego, red (cross symbols) for Calvin, purple(diamond symbols) for Brett, and tan (rectangle symbols) for Angle.EricCalvinDiegoEricDingoEricCalvinBrettAngieHep Clear AllEHE(Diaga)CalvinA AaBrettJ45QUANTITY (DVD players! Hep Clear Allwill sell DVD players at theBased on the information from the graph, if the market price of a DVD player changed to $180, the number of sellerswilling to sell a DVD player wouldand total producer surplus wouldto

The producer surplus is the difference between the price received for a product and the marginal…

The following graph shows the supply curve for a group of sellers in the U.S. market for DVD players. Each se only one DVD player to sell. Each rectangular segment under the supply curve represents the "cast," or minim acceptable price, for one seller. The market price of a DVD plaver is $140, as shown by the black horizontal lis Each rectangle on the following graph corresponds to a particular seller in this market: blue (drde symbols) S green (triangle symbols) for Diego, red (cress symbols) for Calvin, purple (diamond symbols) for Brett, and ta (rectangle symbols) for Angle. Use the rectangles to shade the areas representing producer surplus for each p who is willing to sell a DVD player at a market price of $140. (Note: If a person is not willing to sell this item market price, you will leave his or her rectangle in its original position on the side of the graph) PRICE DVD play 120 201 131 Cavie 3 Calvin

The following graph shows the supply curve for a group of sellers in the U.S. market for DVD players. Each se only one DVD player to sell. Each rectangular segment under the supply curve represents the "cast," or minim acceptable price, for one seller. The market price of a DVD plaver is $140, as shown by the black horizontal lis Each rectangle on the following graph corresponds to a particular seller in this market: blue (drde symbols) S green (triangle symbols) for Diego, red (cress symbols) for Calvin, purple (diamond symbols) for Brett, and ta (rectangle symbols) for Angle. Use the rectangles to shade the areas representing producer surplus for each p who is willing to sell a DVD player at a market price of $140. (Note: If a person is not willing to sell this item market price, you will leave his or her rectangle in its original position on the side of the graph) PRICE DVD play 120 201 131 Cavie 3 Calvin

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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