Could someone please show me how to calculate this?
The hint is that the Total Producer Surplus is $3,125...But I do not even know how to calculate that!
I am so lost, please explain!
Homework Answers
Producer surplus is the area below equilibrium price and above supply curve.
With P= 15, quantity supplied= 500
Producer surplus= area of triangle formed below the dotted line on 15
Producer surplus= 1/2*(15-2.50)*500= 3125
With P= 10, quantity supplied= 300
New producer surplus= 1/2*(10-2.5)*300= 1125
Change in producer surplus= 3125 - 1125= 2000
producer surplus decreases by 2000
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Could someone please show me how to calculate this?
The hint is that the Total Producer...
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