Answer Happy

The following graph shows the supply curve for a group of sellers in the U.S. market for tablets (orange line). Each seller has only one tablet to sell. The market price of a tablet is shown by the black horizontal line at $150. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Sean, green (triangle symbols) for Yvette, purple (diamond symbols) for Bob, tan (dash symbols) for Cho, and orange (square symbols) for Eric. (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 tablet at a market price of $150. (Note: If a person will not sell a tablet at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 240 Eric 210 Sean 180 Cho Market Price 150 Yvette PRICE (Dollars per tablet) 120 Bob Bob 90 60 Yvette Cho 30 Sean 0 0 1 2 3 4 6 7 8 Eric QUANTITY (Tablets) will sell tablets at the given market price, and total producer Based on the information on the preceding graph, you can tell that surplus in this market will be $
Suppose the market price of a tablet decreases to $90. 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 tablet at the new market price: blue (circle symbols) for Sean, green (triangle symbols) for Yvette, purple (diamond symbols) for Bob, tan (dash symbols) for Cho, and orange (square symbols) for Eric. (Note: If a person will not sell a tablet at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) 240 Eric 210 Sean Cho 180 150 Yvette Bob PRICE (Dollars per tablet) 120 Market Price 90 Bob Yvette 60 Se Cho 30 one seller 0 two sellers 0 1 4 5 6 7 8 Eric three sellers Y (Tablets) four sellers five sellers Based on the informa bnd graph, when the market price of a tablet decreases to $90, the number of sellers willing to sell a tablet and total producer surplus to to