02 May Question: Supply Curve & Producer Surplus (Profit). YS, $Cost $350 $250I $150 K M 0 2 4 6 8 10 12 14 16 18 …
Supply Curve & Producer Surplus (Profit). YS, $Cost $350 $250I $150 K M 0 2 4 6 8 10 12 14 16 18 Qs Use Supply (cost) curve graph above to answer Questions 1-4. Assume Price of Good is selling at: $350 each. 1. What is the seller’s optimal (best) quantity supplied, Qs? 2. What Area shows his net gain or Profit (Producer Surplus)? 3. What Area shows Total Revenue (P. x Q. Sold)? 4. What Area shows his Total Cost?
5. Number example of Profit: Nick will sell his custom-made “missile” balloons for a minimum cost of $100. The Price he is offered is $400. What is his “Producer Surplus” (Profit or net Gain) from selling them? (3 pts) 6. Write a short example of seller’s “Law of Supply” (also called “Law of Increasing Cost'”). Write your own original example -no plagiarizing, thanks
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