The figure represents a supply function with a fixed market price denoted by its corresponding point on the supply graph. Calculate the values of and write sentences of interpretation for each of the following. q million pots 50 40 30 20 14 10 ✔(2,14) 2 5 (10, 30) (a) Producer revenue $ million 10 15 The total amount received from supplying p dollars per pot 20 (b) Producer surplus $ million The difference between the revenue from supplying (c) Producer willingness and ability to receive $ million The minimum amount of money needed to supply million pots at a market price of $ million pots and the amount that must be received to supply million pots is $ per pot, is $ million. million. million pots is $ million.

The figure represents a supply function with a fixed market price denoted by its corresponding point on the supply graph. Calculate the values of and write sentences of interpretation for each of the following. q million pots 50 40 30 20 14 10 ✔(2,14) 2 5 (10, 30) (a) Producer revenue $ million 10 15 The total amount received from supplying p dollars per pot 20 (b) Producer surplus $ million The difference between the revenue from supplying (c) Producer willingness and ability to receive $ million The minimum amount of money needed to supply million pots at a market price of $ million pots and the amount that must be received to supply million pots is $ per pot, is $ million. million. million pots is $ million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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