1. Refer to the figure.

Microsoft Office Home x Mail - info myintelligentsolution. Question 3 - HW #5 - Market Effi > Course Hero X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPtGyUWbauh4oYOrXiMtriCGhHdQy0G5CvsNIboYEQOO.. [2 7 # s Paused HW #5 - Market Efficiency i Saved Help Save & Exit Submit 3 Refer to the figure. Market for Artichokes points 10 Tools 100 60 PS Print Price (dollars) References - NW 50 100 150 200 250 A Quantity (pounds of artichokes) The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing producer surplus in this market, and then determine how much producer surplus will be generated by the market each week. Instructions: Use the tool provided 'PS' to illustrate this area on the graph. Producer surplus: $ Grav Type here to search X 74OF Sunny ~ 61 9:25 AM 9/21/2022X Microsoft Office Home x Mail - info myintelligentsolution. Question 4 - HW #5 - Market Effi > Course Hero C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPtGyUWbauh4oYOrXiMtriCGhHdQy0G5CvsNIboYEQOO... [2 17 # s Paused Saved Help Save & Exit Submit HW #5 - Market Efficiency i Refer to the figure. 4 Market for Game Consoles 2 Tools points 600 550 500 PS 450 Print 400 350 Price (dollars) 300 References 250 200 150 100 50 O A 10 20 30 40 50 60 70 80 90 100 110 Quantity The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ Quantity:[ game consoles b. Show the area of producer surplus on the graph, and then determine how much producer surplus is generated in the market each week. Instructions: Use the tool provided 'PS' to illustrate this area on the graph. Producer surplus: $ Mc 9 X 74OF Sunny ~ 61 9:26 AM Type here to search 9/21/2022