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Author Question: Producer surplus: a. measures the value between the actual selling price of a product and the price ... (Read 37 times)

Jkov05

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on: Jun 30, 2018
Producer surplus:
 a. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product.
  b. is illustrated by the area above the supply curve and below the market price.
  c. is maximized in market equilibrium.
  d. all of these.

Question 2

Suppose Gizmo Inc is willing to sell one gizmo for 10, a second gizmo for 12, a third for 14, and a fourth for 20, and the market price is 20 . What is Gizmo Inc's producer surplus?
 a. 56 b. 24
  c. 20 d. 10


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billybob123

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


Jkov05

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

tranoy

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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