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Given the following information, calculate the producer surplus for Producers A-F
Given the following information, calculate the producer surplus for Producers A-F.
| PRODUCERS | MINIMUM ACCEPTABLE PRICE | ACTUAL PRICE (EQUILIBRIUM) | PRODUCER SURPLUS |
| A | $4 | $12 | |
| B | $5 | $12 | |
| C | $7 | $12 | |
| D | $9 | $12 | |
| E | $10 | $12 | |
| F | $12 | $12 |
Expert Solution
| PRODUCERS | MINIMUM ACCEPTABLE PRICE | ACTUAL PRICE (EQUILIBRIUM) | PRODUCER SURPLUS |
| A | $4 | $12 | $8 |
| B | $5 | $12 | $7 |
| C | $7 | $12 | $5 |
| D | $9 | $12 | $3 |
| E | $10 | $12 | $2 |
| F | $12 | $12 | $0 |
To calculate producer surplus for a single producer we take the difference between the equilibrium price and the minimum acceptable price. This is done below (units in dollars) for each producer and put in the above table:
- A: 12-4=8
- B: 12-5=7
- C: 12-7=5
- D: 12-9=3
- E: 12-10=2
- F: 12-12=0
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