Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 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, usethe 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)9.008.257.506.756.005.254.503.753.002.251.50 +0.75 +00P=$3.00P=$2.25Supply24Small Economy's Weekly Supply48 72 96 120 144 168 192 216 240 284 288QUANTITY (Thousands of slices of quiche)Initial PS (P=$2.25)AAdditional PS (P=$3.00) Suppose the market for quiche is perfectly competitive, so sellers take the market price as given. Sean manages a restaurant that offers quiche forsale. The following graph plots Sean's weekly supply curve (orange line). Point A represents a point along his supply curve. The price of quiche is$2.25 per slice, which is given by the black horizontal line.PRICE (Dollars per slice)9.008.257.506.756.005.254.503.753.002.251.500.7500PriceSupply2Sean's Weekly SupplyA6 8 10 12 14 16QUANTITY (Slices of quiche)18202224(?)Using the previous graph, you can determine that Sean is willing to supply his 6th weekly slice of quiche for $per slice, the producer surplus earned from supplying the 6th slice of quiche is $Since he receives $2.25Suppose the price of quiche were to rise to $3.00 per slice. At this higher price, Sean would receive a producer surplus of $slice of quiche he sells.from the 6th

Using the previous graph, you can determine that he is willing to supply his 6th weekly slice of…

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. The 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 24 Small Economy's Weekly Supply 48 72 96 120 144 168 192 216 240 264 288 QUANTITY (Thousands of slices of quiche) Initial PS (P=$2.25) A Additional PS (P=$3.00)

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. The 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 24 Small Economy's Weekly Supply 48 72 96 120 144 168 192 216 240 264 288 QUANTITY (Thousands of slices of quiche) Initial PS (P=$2.25) A Additional PS (P=$3.00)

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 8WNG

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