« previous next »

Author Question: If the price of a ticket to Sea World exceeds the marginal cost of the ticket by 13, a producer ... (Read 156 times)

2125004343

  • Hero Member
  • *****
  • Posts: 566
on: Jun 29, 2018
If the price of a ticket to Sea World exceeds the marginal cost of the ticket by 13, a producer surplus exists for Sea World. Is this statement true or false?
 
  What will be an ideal response?

Question 2

If the above figure illustrated a perfectly competitive industry, the equilibrium market output would be equal to
 
  A) 7.
  B) 11.
  C) 13.
  D) 22.


owenfalvey

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is true. Anytime the price exceeds the marginal cost, there is a producer surplus. In this case, the producer surplus is 13.

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

2125004343

  • Hero Member
  • *****
  • Posts: 566
Reply #2 on: Jun 29, 2018
Correct answers!


owenfalvey

  • Sr. Member
  • ****
  • Posts: 337
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Elle and associates investigated the cost to Datura wrightii of producing sticky leaf trichomes. Elle and associates investigated the cost to Datura wrightii of producing sticky leaf trichomes.
Old World Swallowtail of the endemic Great Britain subspecies britannicus Old World Swallowtail of the endemic Great Britain subspecies britannicus
World oil reserves World oil reserves
Ottoman Empire and the Arab World, 1914 Ottoman Empire and the Arab World, 1914
The United States is the most racially– ethnically diverse society in the world. This can be our ... The United States is the most racially– ethnically diverse society in the world. This can be our ...
World population density World population density
Video: Regulation of GFR: autoregulation via tubuloglomerular feedback, neural & hormonal regulation

For a complete list of videos, visit our video library