$$\begin{array} { | c | c | c | }
\hline \text { Producer } & \begin{array} { c }
\text { Minimum } \
\text { Acceptable Price }
\end{array} & \begin{array} { c }
\text { Actual Price } \
\text { (Equilibrium Price) }
\end{array} \
\hline A & \$ 6 & \$ 13 \
\hline B & 7 & 13 \
\hline C & 9 & 13 \
\hline D & 11 & 13 \
\hline
\end{array}$$ Refer to the provided table. What is the producer surplus for all producers A, B, C, and D?
A) $6
B) $13
C) $19
D) $24

Question

$$\begin{array} { | c | c | c | } 
\hline \text { Producer } & \begin{array} { c } 
\text { Minimum } \
\text { Acceptable Price }
\end{array} & \begin{array} { c } 
\text { Actual Price } \
\text { (Equilibrium Price) }
\end{array} \
\hline A & \$ 6 & \$ 13 \
\hline B & 7 & 13 \
\hline C & 9 & 13 \
\hline D & 11 & 13 \
\hline
\end{array}$$ Refer to the provided table. What is the producer surplus for all producers A, B, C, and D?
A) $6
B) $13
C) $19
D) $24

Quizplus · Accepted Answer

To find the producer surplus, we need to calculate the difference between the actual price (equilibrium price) and the minimum acceptable price for each producer, and then add them up.

For producer A: 
Producer surplus = Actual price - Minimum acceptable price 
= $13 - $6 
= $7

For producer B: 
Producer surplus = Actual price - Minimum acceptable price 
= $13 - $7 
= $6

For producer C: 
Producer surplus = Actual price - Minimum acceptable price 
= $13 - $9 
= $4

For producer D: 
Producer surplus = Actual price - Minimum acceptable price 
= $13 - $11 
= $2

Total producer surplus = $7 + $6 + $4 + $2 
= $19

Therefore, the best choice is C, $19.

Refer to the Provided Table