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PearsonPearson e secure https w met xl.com Student PlayerHome or aspx?nome orkid 485449814&questionid; 8&flushed-false;&cld506264;&center; in=yes Introductory Microeconomics Mohammmed Almohammed 1 67/18 10.59 PM 6/7/18 10:59 PM Homework: Assignment #3 Score: 0 of 1 pt Concept: Calculate Cons/Prod Surplus Save 8 of 18 (17 complete) Hw Score: 94.44%, 17 of 18 pts Question Help bn wiling to pay $32 hav Tim mos naighhorhand lawns for axtra monny. Suppose that ha would ba willing to maw ana lawn for $10, a socand lawn for $19, and a third Iawn for S23. Aso supansn that three noighbors are irberastod in having their lTwns mownd. Mrs. Jonns w her lawn mwd, Mr. Wilsan would be wiling lo pay $2B, and Ms. Smith would be wing to pay $23. I Tim ofters to mow arans for $23 each, what will be his producer surplus? Erter wnevic ruspaise usirg a integer.) Enter your answer in the answer box and then cick Check Answer. Clear Al Check Answer

Solution

Ans:

Producer surplus = ($23 - $10) + ($23 - $19) + ($23 - $23)

                            = $13 + $4 + 0

                            = $17

Producer surplus is the difference between the amount the produce is willing to supply a good or service and the amount received by the producer.