Question

QUESTION 4 Justin builds fences for a living. Justin's out-of-pocket expenses (for wood, paint, etc.) plus the value that he places on his own time amount to his a. cost of building fences. b. producer deficit. c. producer surplus. d. profit.

Answer 1

4. Justin builds fences for a living, justins out-of pocket expenses (wood, paint, etc.) plus the value that he places on his own time amount to his

Cost of building femmes.

5. Price = $ 500 per ton, Production cost = $ 350 per ton

Producer surplus is the area below the price circle and above the supply or marginal cost.

Producer surplus = $ 500 - 350 = $ 150.

6. The maximum price that a buyer will pay for a good is called willingness to pay.

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