Final answer:
Producer surplus is calculated as the area above the supply curve and below the market price, up to the amount of the quantity traded. This indicates the difference between the market price and the minimum price producers would have been willing to accept.
Step-by-step explanation:
When calculating producer surplus for the market, calculate the area above the supply curve & below the market price, from zero to the quantity traded.
Producer surplus represents the difference between what producers are willing to accept for a good or service, indicated by the supply curve, and the actual price they receive in the market, indicated by the market price. It can be visualized on a graph as the area above the supply curve and below the market price, up to the amount of the quantity traded.
In the given examples, if the market equilibrium is at a higher price than what producers would have accepted, the difference forms the producer surplus. From the description, point K at a price of $45 would be on the supply curve, and if the market equilibrium price is higher, the area above point K up to the market price would represent the producer surplus.