Click the following icon to view additional information necessary to complete the exericse. Suppose that there are 100 identical firms in this market. 1. Using the line drawing tool, draw the market supply curve on the figure to the right (representing the market). For simplicity, ignore the portion of the curve that corresponds to zero units of output. Label this cuve 'S'. Carefully follow the instructions above, and only draw the required object. 2. What is producer surplus for this market? $ ☐. (Enter your response rounded to two decimal places.) - 30 22222286 Price (dollars per unit of output) 24- ✓ 20- 18- 16- 14- 12- 10 8- 6- 4- 2- D 0+ 0 100 200 300 400 500 600 700 800 900 10001100 Output

Click the following icon to view additional information necessary to complete the exericse. Suppose that there are 100 identical firms in this market. 1. Using the line drawing tool, draw the market supply curve on the figure to the right (representing the market). For simplicity, ignore the portion of the curve that corresponds to zero units of output. Label this cuve 'S'. Carefully follow the instructions above, and only draw the required object. 2. What is producer surplus for this market? $ ☐. (Enter your response rounded to two decimal places.) - 30 22222286 Price (dollars per unit of output) 24- ✓ 20- 18- 16- 14- 12- 10 8- 6- 4- 2- D 0+ 0 100 200 300 400 500 600 700 800 900 10001100 Output

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 12P

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