Chapter 07 Homework Back to Assignment Attempts 2.6 Keep the Highest 2.6 / 4 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 College Park, a university town in Maryland. Each seller has a single polaroid camera for sale. The market price of polaroid cameras is given by the horizontal black line at $225. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and orange (square symbols) for Antonio. (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 $225. (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.) 400 350 Manuel 300 Antonio Valerie 250 Market Price Poornima PRICE (Dollars per polaroid camera) 200 Shen Shen * CO O C Y LL I Z 3CENGAGE MINDTAP Chapter 07 Homework Market Price Poornima Shen PRICE (Dollars per polaral Shen 100 Poornima Valerie Manuel 3 4 5 6 8 Antonio QUANTITY (Polaroid cameras) Based on the information on the preceding graph, you can tell that will sell polaroid cameras at the given market price, and total producer surplus in this market will be $ Suppose the market price of a polaroid camera decreases to $125. 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 Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and orange (square symbols) for Antonio. (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.) 400 350 Manuel Antonio mera 300 Valerie # m * CO - O O LL I Z0 A ng.cengage.com hi - Blackboard Learn MindTap - Cengage Learning CENGAGE |MINDTAP Chapter 07 Homework Shen, tan (dash symbols) for Valerie, and orange (square symbols) for Antonio. (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.) 400 Manuel Antonio 300 Valerie Poornima PRICE (Dollars per polaroid camera) Shen Shen Market Price Poornima Valerie Manuel O 2 3 4 5 6 Antonio QUANTITY (Polaroid cameras) Based on the information in the second graph, when the market price of a polaroid camera decreases to $125, the number of sellers willing to sell a polaroid camera to , and total producer surplus to $ Grade It Now Save & Continue Continue without saving * CO O O C LL T Z