« 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 102 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?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

World coal reserves in gigatonnes World coal reserves in gigatonnes
The primate dental formula illustrated for (a) the lower dentition of an Old World monkey and (b) th The primate dental formula illustrated for (a) the lower dentition of an Old World monkey and (b) th
Much Exploration for Oil and Gas Takes Place in Remote Parts of the World Much Exploration for Oil and Gas Takes Place in Remote Parts of the World
Climate—The “Dry World” Climate—The “Dry World”
Cost of Going to School Cost of Going to School
World War 2 timeline World War 2 timeline
Video: Major Elements in Biological Molecules: Nucleic acids

For a complete list of videos, visit our video library