Suppose the market for quiche is perfectly competitive, so sellers take the market price as given. Frances manages a restaurant that offers quiche for sale. The following graph plots Frances's weekly supply curve {orange line]. Point A represents a point along her supply curve. The price of quiche is $2.25 per slice, I.yhich is given by the black horizontal line. Fra nces's Weekly Supply 9.00 - 8.25 - 7.50 ' 0.75 ' 0.00 ' 5.25 ' 4.50 ' 3.75 ' 3.00 ' PRICE (Dollars per slice) 2.25 1.50 ' 0.75 ' oz 4531012141513202224 QUANTITY {Slices of quiche] . Since she receives Using the previous graph, you can determine that Frances is willing to supply her 6th weekly slice of quiche for $2.25 per slice, the producer surplus earned from supplying the 6th slice of quiche is \\:|. Suppose the price of quiche were to rise to $3.00 per slice. At this higher price, Frances Iwould receive a producer surplus of\\:|from the 6th slice of quiche she sells. Using the previous graph, you can determine that Frances is willing to supply her 6th weekly slice of quiche for $ . Since she receives $2.25 per slice, the producer surplus earned from supplying the 6th slice of quiche is |$ Suppose the price of quiche were to rise to $3.00 per slice. At this higher price, Frances would receive a producer surplus of $ from the 6th slice of quiche she sells. The following graph plots the weekly market supply curve (orange line) for quiche in a hypothetical small economy. Use the purple point (diamond symbol) to shade the area representing producer surplus (PS) when the price (P) of quiche is $2.25 per slice. Then, use the green point (triangle symbol) to shade the area representing additional producer surplus when the price rises to $3.00 per slice. Small Economy's Weekly Supply 9.00 O 8.25 7.50 Initial PS (P=$2.25) 6.75 A 6.00 Additional PS (P=$3.00) 5.25 PRICE (Dollars per slice) 4.50 3.75 P=$3.00 3.00 2.2 P=$2.25 1.50 0.7 Supply 24 48 72 96 120 144 168 192 216 240 264 288 QUANTITY (Thousands of slices of quiche)