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Sati [7]
3 years ago
10

Producer surplus is A. the market price multiplied by the number of units sold by a firm. B. the difference between the highest

price a consumer is willing to pay and the lowest price a firm would be willing to accept. C. the difference between the lowest price a firm would be willing to accept and marginal cost. D. the difference between the lowest price a firm would be willing to accept and the price it actually receives. E. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays. How does producer surplus change as the equilibrium price of a good rises or​ falls? As the price of a good​ rises, producer surplus ▼ decreases remains unchanged increases ​, and as the price of a good​ falls, producer surplus ▼ remains unchanged increases decreases .
Business
1 answer:
Ivahew [28]3 years ago
3 0

Answer:

Producer surplus is

  • D. the difference between the lowest price a firm would be willing to accept and the price it actually receives.

How does producer surplus change as the equilibrium price of a good rises or​ falls?

  • As the price of a good​ rises, producer surplus <u>increases</u>​, and as the price of a good​ falls, producer surplus <u>decreases</u>.

Explanation:

Producer surplus refers to the difference between what a supplier or producer is willing and able to accept for their goods or services, and the actual price of those goods and services. If the supplier is willing to accept $2 per unit, but is able to sell them at $3 per unit, the supplier or producer surplus = $3 - $2 = $1

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Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 405,000 Beginning m
skelet666 [1.2K]

Missing information:

Fixed administrative expense $ 16,200 Variable selling expense $ 20,250 Variable administrative expense $ ? Contribution margin $ 81,000 Net operating income $ 24,300

1. Prepare a contribution format income statement.

2. Prepare a traditional format income statement.

3. Calculate the selling price per unit.

4. Calculate the variable cost per unit.

5. Calculate the contribution margin per unit.

Answer:

First we must determine cost of goods sold = $27,000 + $270,000 - $13,500 = $283,500

now we must find total variable costs = total sales - contribution margin = $405,00 - $81,000 = $324,000

variable administrative expenses = total variable costs - COGS - variable selling expense = $324,000 - $283,500 - $20,250 = $20,250

1. Prepare a contribution format income statement.

Total sales                                                              $405,000

<u>Cost of goods sold                                                $283,500</u>

Gross contribution margin                                      $121,500

Variable selling expense                                        $20,250

<u>Variable adm. expense                                          $20,250</u>

Contribution margin                                                $81,000

Fixed period expenses:

  • Fixed selling expense                                   $40,500
  • <u>Fixed administrative expense                       $16,200</u>

Net operating income                                            $24,300

2. Prepare a traditional format income statement.

Total sales                                                              $405,000

<u>Cost of goods sold                                                $283,500</u>

Gross profit                                                              $121,500

Operating expenses:

Selling expenses                                                     $60,750

<u>Adm. expenses                                                       $36,450</u>

Net operating income                                            $24,300

3. Calculate the selling price per unit.

  • $405

4. Calculate the variable cost per unit.

  • $324

5. Calculate the contribution margin per unit.

  • $81
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