21 Jul WHAT IS FIGGYS PRODUCER SURPLUS FOR ONE WATERMELON IN THIS MARKET?
a. If Jon is willing to pay Show more Suppose the market for watermelons can be described by the graph below. a. If Jon is willing to pay as much as $8 for a watermelon how much surplus would he receive if he pays the market price for a watermelon? b. Suppose Figgy Farms requires at least $5 per watermelon to be willing to sell in this market. What is Figgys producer surplus for one watermelon in this market? c. How much total consumer surplus is received in this market? d. How much total producer surplus is received in this market? What is the total surplus (combined consumer and producer surplus) in the market? Show less
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