Use the willingness-to-pay information about the buyers (Ariel, Bridget, and Connie) and the willingness-to-accept information about the sellers (Daniel, Etienne, and Franklin) below to construct a "stepped" demand and supply diagram likethis onefrommy notes on Unit #7. (You'll also have one question to answer below.)

Willingness-To-Pay information

ArielBridgetConniewillingness-to-pay for the 1stwidget$5$7$9willingness-to-pay for the 2ndwidget$4$6$7willingness-to-pay for the 3rdwidget$3$4$5willingness-to-pay for the 4thwidget$2$3$4willingness-to-pay for the 5thwidget$1$2$3Willingness-To-Accept information

DanielEtienneFranklinwillingness-to-accept for the 1stwidget$1$2$3willingness-to-accept for the 2ndwidget$4$4$5willingness-to-accept for the 3rdwidget$7$6$8willingness-to-accept for the 4thwidget$9$8$10willingness-to-accept for the 5thwidget$11$9$12

Note that there are multiple versions of these tables, so if you submit and then try again, you may get an entirely different table.

(To create the curves, you'll first need to create the demand and supply schedules as I did inmy notes on Unit #7. Once you've got the demand and supply schedules, you can refer tothis tutorialto see how to construct the curves.)

Draw by hand, or use a software program, to create the demand and supply schedules based on these tables. Then, use the Assessment called "GA: Consumer and Producer Surplus -- PART 2" to upload your drawing. Note that these tables will not show up in that Assessment; it is simply there so you have somewhere to upload the drawing.

Your drawing should have the following things clearly labeled: the demand curve, the supply curve, the area of consumer surplus, and the area of producer surplus.

So here's the question you have to answer before you submit this part:

What's the dollar value of the total surplus (consumer surplus plus producer surplus)?