There are two consumers, Andy and Ben, in the market for pumpkins. Their willingness to pay for each pumpkin is shown in the table Pumpkin Market. There are two producers of pumpkins, Cindy and Diane, and their costs are also shown. The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5. At the equilibrium price and quantity, Cindy sells pumpkins, and her producer surplus is Andy's Quantity of willingness to Pumpkins pay 1st pumpkin $12 2nd pumpkin 3rd pumpkin 8 4th pumpkin 6 A) four: $2 B) three; $8 10 C) two: $ D) one; $5 Ben's willingness Cindy's to pay cost $11 5 $3 5 B 10 Diane's cost $4 6 11

ENGR.ECONOMIC ANALYSIS
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Author:NEWNAN
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Chapter1: Making Economics Decisions
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There are two consumers, Andy and Ben, in the market for pumpkins. Their willingness to
pay for each pumpkin is shown in the table Pumpkin Market. There are two producers of
pumpkins, Cindy and Diane, and their costs are also shown. The equilibrium price for
pumpkins is $8 and the equilibrium quantity is 5. At the equilibrium price and quantity,
Cindy sells
pumpkins, and her producer surplus is______
Andy's
Quantity of willingness to
Pumpkins pay
1st pumpkin $12
2nd
pumpkin
3rd pumpkin 8
4th pumpkin 6
A) four; $2
10
B) three; $81
C) two: $
D) one; $5
Ben's willingness Cindy's
to pay
cost
$11
9
7
5
$3
00
10
Diane's cost
$4
11
Transcribed Image Text:There are two consumers, Andy and Ben, in the market for pumpkins. Their willingness to pay for each pumpkin is shown in the table Pumpkin Market. There are two producers of pumpkins, Cindy and Diane, and their costs are also shown. The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5. At the equilibrium price and quantity, Cindy sells pumpkins, and her producer surplus is______ Andy's Quantity of willingness to Pumpkins pay 1st pumpkin $12 2nd pumpkin 3rd pumpkin 8 4th pumpkin 6 A) four; $2 10 B) three; $81 C) two: $ D) one; $5 Ben's willingness Cindy's to pay cost $11 9 7 5 $3 00 10 Diane's cost $4 11
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