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.Given the information in the table,if the price for Phantom tickets is $55,total producer surplus for the five students is:
A)$54.
B)$79.
C)$84.
D)$64.

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.Given the information in the table,if the price for Phantom tickets is $55,total producer surplus for the five students is:
A)$54. 
B)$79. 
C)$84. 
D)$64.

Quizplus · Accepted Answer

To find the total producer surplus for the five students at a price of $55, we need to sum up the difference between the minimum price the student is willing to sell the ticket for and the actual selling price of $55. For Student A, the surplus is $10, for Student B it is $15, for Student C it is $20, for Student D it is $19, and for Student E it is $20. Adding these values together, we get a total producer surplus of $84 (10+15+20+19+20 = 84). Therefore, the best choice is C.

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