When does a producer surplus occur? a. when individuals pay less than the maximum amount they would have been willing to pay for a good or service b. when producers sell a product for the exact minimum amount they would be willing to accept c. when producers sell a product for less than the minimum amount they would be willing to accept d. when producers sell a product for more than the minimum amount they would be willing to accept

Q: Isabelle values her time at $60 an hour. She spends 2 hours giving Jayla a massage. Jayla was…

A: Answer to the question is as follows:

Q: what is producer surplus and how is it measured? What is the relationship between the cost to…

A: Producer surplus (PS) shows the extra amount which producers earn when market price exceeds the…

Q: marginal benefit? What is marginal cost? What is consumer surplus? What is producer surplus

A: In economics, Marginal means a little less or little more of something (any good or service).  In…

Q: The graph below shows the market for widgets. The government is considering intervening in this…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: LOOK at the figure Producer Surplus. When the price falis from $45 to $35, producer surplus för a…

A: A producer will sell their product when the market price is greater than or equal to the minimum…

Q: In 1956, a bill was introduced in Chicago that, if passed, would allow the city to place a price…

A: Consumer Surplus refers to the difference between the price that market price the consumer paid…

Q: Parents in Eldham want their kids to learn the piano. The families in the table below are in the…

A: The equilbrium price and quantity of a good sold in the market ae determined by the forces of demand…

Q: 1. Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the…

A: Consumer surplus and producer surplus are some of the measures of welfare.

Q: A winery produce x thousand bottles of premium wine when the price for each bottle is…

A: We are going to use equilibrium Price and Quantity to answer this question.

Q: Last year the average price for an airline ticket was $400, but the average price dropped to $350…

A: Answer: Given, Airfare (price per ticket) Quantity supplied (millions of seats) $0 0 $175 350…

Q: The demand for car seats is: Q = 99 – 2P. The supply of car seats is: Q = P a. Find the market…

A: Consumer surplus is that area which are lies below the demand curve and above the price level. on…

Q: What is producer surplus? How is it illustrated on a demand and supply diagram? Give an example of…

A:

Q: The demand curve for cookies is downward sloping. When the price of cookies is $3.00, the quantity…

A: Answer: Introduction: Consumer surplus: it refers to the benefit received by the consumer when he…

Q: Sofia pays Sam $50 to mow her lawn every week. When the government levies a mowing tax of $10 on…

A: Amount Sofia pays to Sam for mowing her lawn= $50  Tax levied by government on Sam for mowing= $10…

Q: A) If the price of a canister of maple syrup is $15, how many jars does Vermont Maple Farms produce…

A: Producer surplus is the difference between the price that the producer receives and the minimum…

Q: Figure Producer Surplus Price P1 B P2 E P3 F Quantity Identify the area that represent the…

A: The difference between how much a producer is willing to pay for a given quantity of an item and how…

Q: In this chapter, we focused on the effect of taxes on social welfare. However, governments also…

A: ANSWER   In the competitive market product prices are effected with sales taxes. For example a firm…

Q: Use the graph below to answer this question. Suppose there is a price ceiling of Which of the…

A: Price Ceiling is the maximum legal price that can be charged for the good. An effective price…

Q: Refer to the above graph, showing the demand curve in a market. Say supply is perfectly inelastic at…

A: When the supply curve is perfectly inelastic, the producer will earn as much as he can. As supply is…

Q: Quantity What is the consumer surplus? A What is the producer surplus? C+F What is the deadweight…

A: Consumer surplus = area between demand curve and market price = A

Q: A. Calculate: the consumer surplus the producer surplus dead weight loss

A: Price control is a method to regulate the market when prices of particular goods increases or…

Q: Use the ideas of consumer surplus and producer surplus to explain why economists say competitive…

A: Consumer surplus(CS) is the total area under the demand(DD) curve and above the price(P) level.…

Q: 40 35 30 25 20 15 10 Dr 50 100 150 200 250 300 350 400 450 Quantity Type your answers in all of the…

A: the producer surplus on the other hand is defiend as the difference between the minimum amount which…

Q: Assume that the actual price of the tv is 20% lower than what you are willing to pay. Consumer…

A: As it is already mentioned in the question, consumer surplus is the difference between what the…

Q: The diagram to the right shows a market in which a price floor has been imposed. Identify the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: In a perfectly competitive market for a good with a downward sloping demand curve and an upward…

A: The measure that depicts benefits or costs that are not being not received or incurred financially…

Q: a. How would a sales tax in a competitive market affect the producer’s and the consumer’s surplus?…

A: The equilibrium price and equilibrium quantity of a good sold in the market are determined by the…

Q: area(s) in the graph identify the loss of producer surplus due to the tax?

A: Producer surplus is the surplus earned by the producers. It is the area between below the price line…

Q: $11 $48 $4 $3 $1 D. 75 Quantity per period 20 50 Use the graph above to answer the following…

A: Producer surplus refers to the area above the supply curve and below the price. It is the difference…

Q: USE TABLE #1: The calculation you used to find the consumer surplus for the efficient market for…

A: We have given the demand and supply schedule of electronic automobile.  And the data reflected that…

Q: а) In this market, the equilibrium hourly wage is $ and the equilibrium quantity of labor is…

A: Equilibrium is achieved where the wage is equal to labor.

Q: Using a graph showing the concepts of producer and consumer surplus, discuss the argument ‘it would…

A: The difference between the price a consumer is prepared to pay and the price a customer actually…

Q: About the consumer and producer surplus, answer the following questions: a. What is the value of the…

A: The quantity demanded of a good is defined as the amount of the good consumers are willing and able…

Q: Consider the market for shoes. The current price of a pair of plain white socks is $100. Two…

A: Total producer surplus can be calculated as follows: Total producer surplus=Market price-Willing to…

Q: On a supply and demand diagram, producer surplus is the area a. b. C. d. above the demand curve,…

A: When talking about producer surplus, it is the additional gain to the producer when he gets per unit…

Q: Identify the area of producer surplus on the graph. 64 5- Supply 4- 3- 2- 1 Demand 1 3 4 6. Quantity…

A: An organization and a household make an economic deal according to their own satisfaction. A…

Q: The demand curve for cookies is downward-sloping. When the price of cookies is $2, the quantity…

A: The demand curve shows the association between the amounts of a good or service demanded at each…

Q: Note: A, D, In the Insulin market, the government decides to regulate a price with the ceiling…

A: Producer surplus refers to the are above the supply curve but below the price line. After a ceiling…

Q: explain all of the following concepts: a- Producer surplus b- Cobweb model c- Discriminating

A: Producer surplus: Producer surplus is the difference between what the seller gets for the good and…

Q: Myra buys an iPhone for $280 and gets consumer surplus of $120. (a) What is her willingness to pay?…

A: Answer to the question is as follows;

Q: When a market is competitive and functioning properly, economic theory predicts that the market…

A: In the market where it is competitive and functioning properly, then it is the market equilibrium…

Q: Suppose that the demand curve for wheat is Q = 140 - 10p and the supply curve is Q = 10p. The…

A: here we calculate the Consumer Surplus , Producer Surplus and Deadweight loss which are as follow-