Use the following to answer question:
-(Table: Producer Surplus and Phantom Tickets)The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera.Assume that each student has only one ticket to sell.If the price for Phantom tickets is $140 and there is no other market for tickets,total producer surplus for these five students is:
A)$139.
B)$110.
C)$40.
D)$379.

Question

Use the following to answer question: 
-(Table: Producer Surplus and Phantom Tickets)The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera.Assume that each student has only one ticket to sell.If the price for Phantom tickets is $140 and there is no other market for tickets,total producer surplus for these five students is:
A)$139. 
B)$110. 
C)$40. 
D)$379.

Quizplus · Accepted Answer

Total producer surplus is the sum of the differences between the price and the minimum price at which each student is willing to sell a ticket. In this case, the total producer surplus is $140 - $101 + $140 - $123 + $140 - $115 = $379.

Use the Following to Answer Question