The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell. The market price of a laptop 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 Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (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 laptop at a market price of $175. (Note: If person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell. The market price of a laptop 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 Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (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 laptop at a market price of $175. (Note: If person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 8WNG
Related questions
Question
A10
![The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell.
The market price of a laptop 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 Antonio, green (triangle symbols) for Caroline,
purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (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 laptop at a market price of $175. (Note: If
a person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Jake
Antonio
Caroline
Dmitr
Frances
Jake
will sell laptops at the given market price, and total producer
8
PRICE (Dollar per laptop)
350
300
250
200
150
100
50
0
1
QUANTITY (Laptops)
Based on the information on the preceding graph, you can tell that
surplus in this market will be 5
Suppose the market price of a laptop increases to $275.
Dmitri
Caroline
Antonio
2
Frances
Market Price
6](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb2b99d5-b579-4c89-93bf-212f41d23a4b%2Fe9f4362f-46a8-4196-a485-fd30df647944%2Fme0z1oq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following graph shows the supply curve for a group of sellers in the U.S. market for laptops (orange line). Each seller has only one laptop to sell.
The market price of a laptop 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 Antonio, green (triangle symbols) for Caroline,
purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and orange (square symbols) for Jake. (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 laptop at a market price of $175. (Note: If
a person will not sell a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Jake
Antonio
Caroline
Dmitr
Frances
Jake
will sell laptops at the given market price, and total producer
8
PRICE (Dollar per laptop)
350
300
250
200
150
100
50
0
1
QUANTITY (Laptops)
Based on the information on the preceding graph, you can tell that
surplus in this market will be 5
Suppose the market price of a laptop increases to $275.
Dmitri
Caroline
Antonio
2
Frances
Market Price
6
![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 laptop
at the new market price: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash
symbols) for Frances, and orange (square symbols) for Jake. (Note: If a person will not sell a laptop at the new market price, indicate this by leaving
his or her rectangle in its original position on the palette)
400
350
Jake
Antonio
300
250
Caroline
Dmit
150
100
Frances
50
QUANTITY (Laptops)
Based on the information in the second graph, when the market price of a laptop increases to $275, the number of sellers willing to sell a laptop
and total producer surplus
to
PRICE (Dallan per laptop)
Dmitri
Caroline
Antonio
Frances
Market Price](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb2b99d5-b579-4c89-93bf-212f41d23a4b%2Fe9f4362f-46a8-4196-a485-fd30df647944%2Fj0vs73_processed.jpeg&w=3840&q=75)
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 laptop
at the new market price: blue (circle symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash
symbols) for Frances, and orange (square symbols) for Jake. (Note: If a person will not sell a laptop at the new market price, indicate this by leaving
his or her rectangle in its original position on the palette)
400
350
Jake
Antonio
300
250
Caroline
Dmit
150
100
Frances
50
QUANTITY (Laptops)
Based on the information in the second graph, when the market price of a laptop increases to $275, the number of sellers willing to sell a laptop
and total producer surplus
to
PRICE (Dallan per laptop)
Dmitri
Caroline
Antonio
Frances
Market Price
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