Using the previous graph, you can determine that Jake is willing to supply his 6th weekly slice of quiche for $ 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, Jake would receive a producer surplus of $ slice of quiche he sells. The following graph plots the weekly market supply curve (orange line) for quiche in a hypothetical small economy. Show Transcribed Text 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. PRICE (Dollars per slice) 9.00 8.25 7.50 6.75 6.00 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 0 P=$3.00 P=$2.25 Supply Small Economy's Weekly Supply 24 48 72 96 120 144 168 192 216 240 264 288 QUANTITY (Thousands of slices of quiche) Initial PS (P=$2.25) A Since he receives $2.25 per Additional PS (P=$3.00) (?) from the 6th

Using the previous graph, you can determine that Jake is willing to supply his 6th weekly slice of quiche for $ 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, Jake would receive a producer surplus of $ slice of quiche he sells. The following graph plots the weekly market supply curve (orange line) for quiche in a hypothetical small economy. Show Transcribed Text 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. PRICE (Dollars per slice) 9.00 8.25 7.50 6.75 6.00 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 0 P=$3.00 P=$2.25 Supply Small Economy's Weekly Supply 24 48 72 96 120 144 168 192 216 240 264 288 QUANTITY (Thousands of slices of quiche) Initial PS (P=$2.25) A Since he receives $2.25 per Additional PS (P=$3.00) (?) from the 6th

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 19RQ: When the price is above the equilibrium, explain how market forces move me market price to...

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When the price is above the equilibrium, explain how market forces move me market price to equilibrium. Do the same when the price is below the equilibrium.
Frigid Florida Winter is Bad News for Tomato Lovers An unusually cold January in Florida destroyed entire fields of tomatoes and forced marry farmers to delay their harvest. Florida's growers are shipping only a quarter of their usual 2.5 million kilograms a week. The price has risen from $13.00 for a 12.5-kilogram bux a year ago in S60 now. Source: USA Today, March 3. 2010 Draw the demand curve for tomatoes and the supply curve for tomatoes in January 2009 if the equilibrium quantity of tomatoes is 200,000 boxes a week and the equilibrium price is $13 a box. Label the curvas. Draw a point to show the equilibrium quantity and equilibrium price. Label it 1. Show how the events in the news clip influence the market for tomatoes in January 2010 and decrease the quantity of tomatoes to 50,000 boxes and raise the price to $60 a box. Draw ather a new cemand curve or a new supply curve and label it. Draw a point to show the new equilibrium quantity and equilibrium price. Label it 2. se.xcF…
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J Assignment Score: 28.7% VResources Lx Give Up? E Feedback Try Again Question 36 of 36 Ø Attempt 1 The graph describes the market for imported chocolates. Manipulate the supply or demand curve to show how an increase in the cost of sugar impacts the graph. Market for Imported Chocolates 10 9 S 8 What is the new equilibrium price and ğuantity? 7. 6 P = $6,Q = 6 P = $4, Q = 5 OP = $6,Q = 4 3 OP = $4, Q = 6 D 1 Incorrect 2 4 5 6 8 9 10 If price were not allowed to adjust to the new equilibrium price, what would occur in this market? Incorrect O surplus Qª = Q° shortage with Qª < Q° MAR
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