Question 4: The following table shows the cost of producing a good for the only four...
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Question 4: The following
table shows the cost of producing a good for the only four
producers in a market.
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Refer to Table. If the market equilibrium price is $33, what is total producer surplus in the market?
Homework Answers
Ans
Producer surplus is difference between price and cost of production
So total producer surplus=(33-40)+(33-30)+(33-20)+(33-10)=32
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