Table shows the costs which individual producers incurred in providing haircut service.Producers ofhaircutWillingness to chargecustomersMariamKD 5AhmedKD 8LoulwahKD 12SaraKD 16MohamedKD 18Market price of haircut is KD 15.Calculate total producer surplus in this market.

Producer surplus is the difference between the market price and the amount of producer willing to…

Table shows the costs which individual producers incurred in providing haircut service. Producers of Willingness to charge customers haircut Mariam KD 5 Ahmed KD 8 Loulwah KD 12 Sara KD 16 Mohamed KD 18 Market price of haircut is KD 15. Calculate total producer surplus in this market.

Table shows the costs which individual producers incurred in providing haircut service. Producers of Willingness to charge customers haircut Mariam KD 5 Ahmed KD 8 Loulwah KD 12 Sara KD 16 Mohamed KD 18 Market price of haircut is KD 15. Calculate total producer surplus in this market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Table shows the costs which individual producers incurred in providing haircut service.
Producers of
haircut
Willingness to charge
customers
Mariam
KD 5
Ahmed
KD 8
Loulwah
KD 12
Sara
KD 16
Mohamed
KD 18
Market price of haircut is KD 15.
Calculate total producer surplus in this market.

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