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MAVERICK [17]
3 years ago
6

Suppose Marco is willing to tutor for $15 an hour. On Tuesday, he will tutor Kelly for 1 hour and Mike for 3 hours. Kelly will p

ay $30 an hour, but Mike will only pay $20 an hour, since he has a longer tutoring session. How much producer surplus will Marco gain from tutoring both Kelly and Mike?
Business
1 answer:
grandymaker [24]3 years ago
3 0

Answer:

Total producer surplus= $30

Explanation:

Producer surplus is the difference between the price a seller is willing to sell and the market price or actual price at which the item is bought. The producer surplus is the additional benefit the seller gets from a sale.

Consumer surplus= Market price - Price seller is willing to sell for

Marco is willing to sell at $15 hour

Kelly is willing to pay $30 per hour

Mike is willing to pay $20 per hour

Surplus from Kelly= 30- 15= $15

Surplus from Mike= 20- 15= $5

Total producer surplus= ($15*1 hour) + ($5 *3 hours)

Total producer surplus= 15 + 15= $30

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