Question

The minimum acceptable price for a product that producer Sam is willing to receive is $15. The price he could get for the product in the market is $18. How much is Sam’s producer surplus? rev: 05_10_2018 Multiple Choice $3 $33 $45 $270

Answer 1

Answer:

$3

Explanation:

Producer surplus is the difference between the minimum acceptable price a producer is willing to receive for his product and the price he sells the product.

Producer surplus = $18 - $15 = $3

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