Figure: Producer Surplus P $3 2 1 $5 $10 10 What is the change in producer surplus if the price rises from $2 to $3 per unit? $15 $20 20 Supply
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- What is producer surplus? How is it illustrated on a demand and supply diagram?What is total surplus? How is it illustrated on a demand and supply diagram?Figure: Wireless Mouse Market Price $40 20 15 10- 100 200 300 OB.$1,000 OC.$800 ⒸD. $3,000 Quantity (Figure: Wireless Mouse Market) According to the graph showing the wireless mouse market, what is the change in producer surplus when the price increases from $10 to $157 OA $200
- Consider a market in equilibrium. Suppose supplyin this market increases. How will this affect consumer surplus? ExplainO Macmillan Learning Figure: Producer Surplus P $3 2 - 10 $6 $10 20 Supply Q What is the producer surplus at a price of $2 per unit? $5 $20What is a producer surplus? Describe how it is illustrated on a supply and demand diagram?
- Suppose that last year the equilibrium price and the quantity of good X were $10 and 5 million pounds. Because of strong demand this year, the equilibrium price and the quantity of good X are $12 and 7 million pounds, respectively. Assuming that the supply curve of good X is linear, what happened to producer surplus in the market? A B Producer surplus increased from $12.5 million to $49 million. Producer surplus increased from $12.5 million to $24.5 million. Producer surplus increased from $3 million to $7 million. Producer surplus increased from $4.2 million to $5.6 million. C DFor each scenario, decide whether it results in a producer or consumer surplus. Then calculate the resulting surplus. Alice is willing to spend $30$30 on a pair of jeans and has a coupon for $10$10 off. She purchases a pair of jeans that costs $35$35 pre-discount. Alice receives a Alice's surplus: $ Jeff finds steak in the supermarket priced at$16$16 but that he would have been willing to pay $20$20 for. The butcher notices the meat is near the expiration date and gives him an extra 7575% off. Jeff receives a producer surplus. consumer surplus. Jeff's surplus: $ Nicole has a hockey puck from the 2018 Winter Olympic Games and puts it up for sale on eBay. She will only sell the puck if the winning bid is greater than or equal to $500$500. After the bidding closes, the last bid stands at $501$501. Nicole receives a Nicole's surplus: $The demand and supply curves for the pizza market are shown in the graph below. Calculate the daily producer surplus. Instructions: Enter your response as a whole number. Price ($/slice) 6 5 4 ო 2 1 Market for pizza S D 0 4 8 12 16 20 24 28 Quantity (1,000s of slices/day) Producer surplus: $ per day.
- Suppose the demand for French bread rises. Explain what happens to producer surplus inthe market for French bread. Explain what happens to producer surplus in the market forflour. Illustrate your answers with diagrams.It is a hot day, and Bert is thirsty. Here is the value he places on each bottle of water:Value of first bottle $7Value of second bottle $5Value of third bottle $3Value of fourth bottle $1a. From this information, derive Bert’s demand schedule. Graph his demand curve for bottledwater.b. If the price of a bottle of water is $4, how many bottles does Bert buy? How muchconsumer surplus does Bert get from his purchases? Show Bert’s consumer surplus in yourgraph.c. If the price falls to $2, how does quantity demanded change? How does Bert’s consumersurplus change? Show these changes in your graph.11:13 AM Mon 22 Mar @ 62% McGraw-Hill ConnectEd Question 4 Section 1: 4/30 A Surplus $12 10 | 4 demanded At $9 there is a surplus of burritos 44 supplied 8. 2 4 12 20 28 36 44 52 60 Quantity The graph indicates a surplus of burritos at a price of $9. Why did this surplus occur? 200 words remaining Save & Continue » Price 4.' surplus For each of the scenarios, calculate the surplus and indicate if it is a producer surplus or a consumer Alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off which she found online. She selects and purchases a $35 pair of jeans which cost $35 pre-discount Alice has a Alice's surplus: $ producer surplus. surplus consumer Nicole has a hockey puck from the 2010 Winter Olympic Games and puts it up for sale on eBay. She will only sell the puck if the winning bid is greater than or equal to $500. After bidding closes, the last bid stands at $50o Nicole has a Nicole's surplus: $ producer surplus. consumer surplus