George produces cupcakes. His production cost is $10 per dozen. He sells the cupcakes for $16...
George produces cupcakes. His production cost is $10 per dozen. He sells the cupcakes for $16 per dozen. His producer surplus per dozen cupcakes is
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Homework Answers
Solution: $6
Explanation: Producer surplus amount refers to a difference between how much of a product the producer is willing to supply and how much he receives in the trade. Thus the producer surplus equals $6 (=$16 - $10)
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George produces cupcakes. His production cost is $10 per dozen.
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