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Answer
Producer Surplus is defined as the benefit producer receives by selling at a price more that what they are willing to sell. Mathematically, Producer surplus is the area above Supply Curve and Below Market Price.
Here Market price is equilibrium price. Equilibrium price is the price at which Demand and Supply curve intersect. We can see from above graph that equilibrium Price = 5.
Hence Producer surplus is the area above Supply Curve and Below Price 5.
Formula Area of Triangle = (1/2)*Base*Height
So, Producer Surplus = (1/2)*400*(5 - 2) = 600
Hence Producer Surplus = $600
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Exchange
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The following graph shows the domestic demand and domestic
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Use the black point (plus symbol) to indicate the equilibrium
price of a ton of oranges and the equilibrium quantity of oranges
in Zambia in the absence of international trade. Then, use the
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The following graph shows the domestic demand and domestic
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currently does not allow the international trade in oranges.
Use the black point (plus symbol) to indicate the equilibrium
price of a ton of oranges and the equilibrium quantity of oranges
in Zambia in the absence of international trade. Then, use the
green point (triangle symbol) to...
1. Refer to the graph below to answer the following questions Price A. Quantity a. What is the producer surplus at the equilibrium price? b. What is the consumer surplus at the equilibrium price? c. What is the producer surplus of new manufacturers when the product price changes from P to P? d. Will consumer surplus increase or decrease (circle your answer) when the product's price decreases from Ps to P? What is the size of the change in consumer...
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