HELP WITH ALL QUESTIONS PLEASE use the given information for the questions: sell
ID: 1197984 • Letter: H
Question
HELP WITH ALL QUESTIONS PLEASE use the given information for the questions:
seller........cost
Abby........$1,600
Bobby....$1,300
Dianne....$1,110
Evaline.....$900
Carlos....$800
1) If the market price is $1,000, the producer surplus in the market is ___________
A) $1,000
B)$300
C) $1,700
D) $700
2) If the market price is $1,200, the producer surplus in the market is
A) $800
B) $800
C) $400
D) $500
3)If the price is $1,000
A) Bobby is an eager supplier
B) Dianne is an eager supplier
C) Evaline's producer surplus is $100
D) All of the above are correct
Explanation / Answer
1) $300 ( Evaline's surplus of $100 + Carlos's surplus of $200)
2) Actual answer will be $790 (Dianne's surplus of $90 + Evaline's surplus of $300 + Carlos's surplus of $400). since the option is not there, so, the answer is $800.
3) Evaline's producer surplus is $100
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