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The Costs of Four Possible Sellers * 6.2 Producer Surplus * Just as consumer surplus is related to the demand curve, producer surplus is closely related to the supply curve. The Supply Schedule and the Supply Curve $900 800 600 500 Price of House Painting The table shows the supply schedule for the sellers in Table 2. The graph shows the corresponding supply curve. Note that the height of the supply curve reflects sellers’ costs. 0 4 3 1 2 Quantity of Houses Painted Supply * 6.2 Producer Surplus * Producer surplus in a market Area below the price and above the supply curve Measuring Producer Surplus with the Supply Curve $900 800 600 500 Price of House Painting $900 800 600 500 Price of House Painting In panel (a), the price of the good is $600, and the producer surplus is $100. In panel (b), the price of the good is $800, and the producer surplus is $500. 0 4 3 1 2 Quantity of Houses Painted Supply (a) Price = $600 (b) Price = $800 0 4 3 1 2 Quantity of Houses Painted Supply * 6.2 Producer Surplus * A higher price raises producer surplus Existing sellers: increase in producer surplus Sellers who were already selling the good at the lower price are better off because they now get more for what they sell New sellers enter the market: increase in producer surplus Willing to produce the good at the higher price How Price Affects Producer Surplus Price In panel (a), the price is P1, the quantity supplied is Q1, and producer surplus equals the area of the triangle ABC. When the price rises from P1 to P2, as in panel (b), the quantity supplied rises from Q1 to Q2, and the producer surplus rises to the area of the triangle ADF. The increase in producer surplus (area BCFD) occurs in part because existing producers now receive more (area BCED) and in part because new producers enter the market at the higher price (area CEF). 0 Quantity (a) Producer Surplus At Price P1 (b) Producer Surplus At Price P2 Supply P1 Q1 Producer surplus B C A Price 0 Quantity Suppl
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