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Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
producer surplus
consumer surplus
neither
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
The highest amount i was willing to buy the watch is $71 but the price was $65. this illustrates a consumer surplus
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
The least amount the textbook seller was willing to sell was $48 while the price the textbook was sold was $54. thus, a illustrates a producer surplus.
for statement c, a transaction did not take place, so, it is neither a producer or consumer surplus
Answer:
All of them are correct.
Explanation:
Materials are processed to distribute to costumers, that's a fact. Also supply, production and distribution are part of a total, bigger system, and particularly they have their own departments, because each process is complex enough to require a hole system itself.
