The difference between the willingness to sell a good and the price a producer receives is also known as:

1 answer:

6 0

It is known as PRODUCER SURPLUS. Producer surplus is a measure of the difference between the amount of money a producer of a good receives and the lowest amount the producer is willing to accept for the good. The difference, which is the surplus amount is the benefit of the producer for selling the good.

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Sharon purchases two products, X and Y, with a given fixed budget. The marginal utility she receives from the last unit of X she

lorasvet [3.4K]

Answer:

The correct answer is option A.

Explanation:

Sharon in consuming two goods X and Y.

The price of X is $2 and that of Y is $1.

The marginal utility derived from consuming X is 60 utils and from consuming Y is 30 utils.

For profit-maximization the ratio of marginal utility and price should be equal for both goods or the marginal utility of money spent on both goods should be equal.

The ratio for good X

= $\frac{MUx}{Px}$