Suppose that a customer's willingness to pay for a product is $1,480, and the seller's willingness...
Suppose that a customer's willingness to pay for a product is $1,480, and the seller's willingness to sell is $1,210. If the negotiated price is $1,300, how much is producer surplus?
Question 10 options:
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Homework Answers
Option D. $90
Explanation: Producer surplus = Difference between the price received and the minimum price at which the seller is willing to sell = $1,300 - $1,210 = $90.
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