There are four hospitals (consumers in this example) willing to pay the following amounts for a ventilator:Hospital WHospital XHospital YHospital Z$110,000$50,000$15,000$60,000There are producers that can produce at most one ventilator each and at the following costs:Producer AProducer BProducer CProducer D$15,000$30,000$55,000$10,000What is the most surplus that can be realized if only one ventilator can be produced? Which firm should produce it, and which hospital should consume it?If only one ventilator can be produced, it should be made by Producerand consumed by Hospitalresulting in a maximum surplus of $(Enter youranswer as a whole number.)

Answer: Surplus: surplus refers to the difference between the cost of producing a good and the…

There are four hospitals (consumers in this example) willing to pay the following amounts for a ventilator: Hospital W Hospital X Hospital Y Hospital Z $110,000 $50,000 $15,000 $60,000 There are producers that can produce at most one ventilator each and at the following costs: Producer A Producer B Producer C Producer D $15,000 S30,000 $55,000 $10,000 What is the most surplus that can be realized if only one ventilator can be produced? Which firm should produce it, and which hospital should consume it? If only one ventilator can be produced, it should be made by Producer and consumed by Hospital resulting in a maximum surplus of $[ (Enter your answer as a whole number.)

There are four hospitals (consumers in this example) willing to pay the following amounts for a ventilator: Hospital W Hospital X Hospital Y Hospital Z $110,000 $50,000 $15,000 $60,000 There are producers that can produce at most one ventilator each and at the following costs: Producer A Producer B Producer C Producer D $15,000 S30,000 $55,000 $10,000 What is the most surplus that can be realized if only one ventilator can be produced? Which firm should produce it, and which hospital should consume it? If only one ventilator can be produced, it should be made by Producer and consumed by Hospital resulting in a maximum surplus of $[ (Enter your answer as a whole number.)

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

There are four hospitals (consumers in this example) willing to pay the following amounts for a ventilator:
Hospital W
Hospital X
Hospital Y
Hospital Z
$110,000
$50,000
$15,000
$60,000
There are producers that can produce at most one ventilator each and at the following costs:
Producer A
Producer B
Producer C
Producer D
$15,000
$30,000
$55,000
$10,000
What is the most surplus that can be realized if only one ventilator can be produced? Which firm should produce it, and which hospital should consume it?
If only one ventilator can be produced, it should be made by Producer
and consumed by Hospital
resulting in a maximum surplus of $
(Enter your
answer as a whole number.)

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