TABLE 6.6 Producer Surplus (2) (3) Minimum Actual Price (4) (1) Acceptable (Equilibrium Price) Producer Person Price Surplus $5 (= $8 – $3) 4 (= $8 – $4) 3 (= $8 – $5) 2 (= $8 – $6) I (= $8 – $7) 0 (= $8 – $8) Carlos $3 $8 Courtney 4 8 Chuck 5 8 Cindy Craig 6 8 7 8 Chad 8 8 Co

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Refer to Table 6.6 . If the six people listed in the table are the only producers in the market and the equilibrium price is $6 (not the $8 shown), how much producer surplus will the market generate?

TABLE 6.6 Producer Surplus
(2)
(3)
Minimum
Actual Price
(4)
(1)
Acceptable
(Equilibrium
Price)
Producer
Person
Price
Surplus
$5 (= $8 – $3)
4 (= $8 – $4)
3 (= $8 – $5)
2 (= $8 – $6)
I (= $8 – $7)
0 (= $8 – $8)
Carlos
$3
$8
Courtney
4
8
Chuck
5
8
Cindy
Craig
6
8
7
8
Chad
8
8
Co
Transcribed Image Text:TABLE 6.6 Producer Surplus (2) (3) Minimum Actual Price (4) (1) Acceptable (Equilibrium Price) Producer Person Price Surplus $5 (= $8 – $3) 4 (= $8 – $4) 3 (= $8 – $5) 2 (= $8 – $6) I (= $8 – $7) 0 (= $8 – $8) Carlos $3 $8 Courtney 4 8 Chuck 5 8 Cindy Craig 6 8 7 8 Chad 8 8 Co
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