The graph shows the supply curve of baskets and the market p

The graph shows the supply curve of baskets and the market price of a basket. Draw a point to show the minimum supply price of the 20th basket. label it 1. Draw a point to show the marginal cost of the 60th basket. Label it 2. Draw an arrow to show the producer surplus on the 60th basket. The producer surplus on the 60th basket is Draw only the objects specified in the question.

Solution

Answer1. $20 (label point 20,20 as 1)

Answer2: $40 Label (60,40 as 2)

Answer3:Producer surplus = 1/2 (60-0)(40-10) = 90 = $90