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If Evan, Selena, and Angie sell the good, and the resulting producer surplus is $300, then the price must have been?

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Final answer:

The producer surplus is the extra benefit received when producers charge a price higher than their actual cost. The specific price cannot be determined without more information.

Step-by-step explanation:

The producer surplus is the extra benefit that producers receive when they are able to charge a price higher than their actual cost. In this case, if Evan, Selena, and Angie sell a good and the resulting producer surplus is $300, it means that they were able to charge a price higher than their cost by $300.

However, the question does not provide specific information about the cost of production, so we cannot determine the exact price. It is important to note that the producer surplus depends on the difference between the market price and the segment of the supply curve below the equilibrium.

Without more information, we cannot determine the price, but we know that it must be higher than the cost of production by $300.

User Basem Saadawy
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