Four hiking guides are each offering six-hour hiking tours of the Grand Canyon. The minimum price Gus is willing to accept is $150. Glenda wants at least $175. Garrett wants at least $200. Gabby wants at least $225. Now, suppose four hikers show up wanting hiking tours. Callie wishes to pay no more than $250; Caleb, no more than $275; Conner, no more than $300; and Corinne, no more than $325. Suppose the actual price for each tour is $250. What is the total consumer surplus received by the four buyers and the total producer surplus received by the four sellers?

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The Answer of Four hiking guides are each offering six-hour hiking tours of the Grand Canyon. The minimum price Gus is willing to accept is $150. Glenda wants at least $175. Garrett wants at least $200. Gabby wants at least $225. Now, suppose four hikers show up wanting hiking tours. Callie wishes to pay no more than $250; Caleb, no more than $275; Conner, no more than $300; and Corinne, no more than $325. Suppose the actual price for each tour is $250. What is the total consumer surplus received by the four buyers and the total producer surplus received by the four sellers?

Four Hiking Guides Are Each Offering Six-Hour Hiking Tours of the Grand