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The following graph plots a supply curve (orange line) for several sellers in the market for polaroid cameras in State College, a university town in Pennsylvania. Each seller has a single polaroid camera for sale. The market price of polaroid cameras is given by the horizontal black line at $210. 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 polaroid camera at a market price of $210. (Note: If a person will not sell a polaroid camera at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per polaroid camera) 480 420 360 300 240 180 120 60 0 0 1 Dmitri 2 Jake Frances Nick Latasha 3 4 QUANTITY (Polaroid cameras) 5 Market Price 6 7 8 Based on the information on the preceding graph, you can tell that producer surplus in this market will be S Suppose the market price of a polaroid camera increases to $330. Dmitri Frances Jake Latasha Nick will sell polaroid cameras at the given market price, and total

The following graph plots a supply curve (orange line) for several sellers in the market for polaroid cameras in State College, a university town in Pennsylvania. Each seller has a single polaroid camera for sale. The market price of polaroid cameras is given by the horizontal black line at $210. 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 polaroid camera at a market price of $210. (Note: If a person will not sell a polaroid camera at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per polaroid camera) 480 420 360 300 240 180 120 60 0 0 1 Dmitri 2 Jake Frances Nick Latasha 3 4 QUANTITY (Polaroid cameras) 5 Market Price 6 7 8 Based on the information on the preceding graph, you can tell that producer surplus in this market will be S Suppose the market price of a polaroid camera increases to $330. Dmitri Frances Jake Latasha Nick will sell polaroid cameras at the given market price, and total

Microeconomics
Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 8WNG
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On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a polaroid camera at the new market price: 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: If a person will not sell a polaroid camera at the new market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per polaroid camera) 480 420 360 300 240 180 120 60 0 0 1 Dmitri Jake 2 Frances Nick Latasha 3 4 QUANTITY (Polaroid cameras) 5 Market Price 6 7 8 Dmitri Frances Jake 1 Latasha Nick Based on the information in the second graph, when the market price of a polaroid camera increases to $330, the number of sellers willing to sell a polaroid camera and total producer surplus to $ to
Transcribed Image Text:On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell a polaroid camera at the new market price: 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: If a person will not sell a polaroid camera at the new market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per polaroid camera) 480 420 360 300 240 180 120 60 0 0 1 Dmitri Jake 2 Frances Nick Latasha 3 4 QUANTITY (Polaroid cameras) 5 Market Price 6 7 8 Dmitri Frances Jake 1 Latasha Nick Based on the information in the second graph, when the market price of a polaroid camera increases to $330, the number of sellers willing to sell a polaroid camera and total producer surplus to $ to
5. Producer surplus for a group of sellers The following graph plots a supply curve (orange line) for several sellers in the market for polaroid cameras in State College, a university town in Pennsylvania. Each seller has a single polaroid camera for sale. The market price of polaroid cameras is given by the horizontal black line at $210. 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 polaroid camera at a market price of $210. (Note: If a person will not sell a polaroid camera at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per polaroid camera) 480 420 360 300 240 180 120 60 0 0 1 Dmitri Jake Frances Nick Latasha 5 Market Price + 2 3 4 QUANTITY (Polaroid cameras) 6 7 Based on the information on the preceding graph, you can tell that producer surplus in this market will be S Suppose the market price of a polaroid camera increases to $330. Dmitri Frances Jake Latasha Nick will sell polaroid cameras at the given market price, and total
Transcribed Image Text:5. Producer surplus for a group of sellers The following graph plots a supply curve (orange line) for several sellers in the market for polaroid cameras in State College, a university town in Pennsylvania. Each seller has a single polaroid camera for sale. The market price of polaroid cameras is given by the horizontal black line at $210. 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 polaroid camera at a market price of $210. (Note: If a person will not sell a polaroid camera at the market price, indicate this by leaving their rectangle in its original position on the palette.) PRICE (Dollars per polaroid camera) 480 420 360 300 240 180 120 60 0 0 1 Dmitri Jake Frances Nick Latasha 5 Market Price + 2 3 4 QUANTITY (Polaroid cameras) 6 7 Based on the information on the preceding graph, you can tell that producer surplus in this market will be S Suppose the market price of a polaroid camera increases to $330. Dmitri Frances Jake Latasha Nick will sell polaroid cameras at the given market price, and total
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