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)MinimumActual Price(4)(1)Acceptable(EquilibriumPrice)ProducerPersonPriceSurplus$5 (= $8 – $3)4 (= $8 – $4)3 (= $8 – $5)2 (= $8 – $6)I (= $8 – $7)0 (= $8 – $8)Carlos$3$8Courtney48Chuck58CindyCraig6878Chad88Co

Producers or sellers offer supply in the market at different price levels. Producer surplus is the…

Answered: TABLE 6.6 Producer Surplus (2) (3)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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

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