2) Assume the market price for tangerines is 18.00 per bushel. At the market price, tangerine growers are willing to supply a quantity of 12 ,000 bushels per week The quantity supplied drops to zero when the price falls to 5.00 per bushel. Construct a graph showing this data, calculate the total producer surplus in the market for tangerines and show the total producer surplus on the graph.

To construct a graph showing the given data, we need to plot the supply curve and the demand curve. The supply curve represents the quantity supplied at different prices, while the demand curve represents the quantity demanded at different prices.Given information:- Market price for tangerines: 18.00 \ per bushelStep 1: Plot the supply curve.The supply curve is a straight line that starts at the origin (0,0) and rises to the point (12,000, 18). This is because the quantity supplied drops to zero when the price falls to 5.00 \ per bushel.Step 2: Plot the demand curve.The demand curve is a downward-sloping line that starts at the point (12,000, 18) and falls to the point (0, 5). This is because the quantity demanded is 12,000 bushels per week at the market price of 18.00 \ per bushel.Step 3: Calculate the total producer surplus.The total producer surplus is the area between the supply curve and the market price, from the origin to the point (12,000, 18).The formula for the area of a triangle is:Area = (base × height) / 2In this case, the base is the quantity supplied (12,000 bushels) and the height is the difference between the market price ( 5.00).Area = (12,000 × (18 - 5)) / 2 = (12,000 × 13) / 2 = 156,000 / 2 = 78,000Therefore, the total producer surplus in the market for tangerines is 78,000 \ .