Use the following to answer questions : $\text {Table: Producer Surplus}$
$\text {and Phantom Tickets}$
$\begin{array}{lr}
\hline \text { Student } & \text { Willingness to Sell } \
\hline \text { Tim } & \$ 1 \
\text { Laura } & 30 \
\text { Whitney } & 50 \
\text { Ralph } & 100 \
\text { Rick } & 150 \
\hline
\end{array}$

-(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,the total producer surplus for these five students is:
A) $139.
B) $110.
C) $40.
D) $379.

Question

Use the following to answer questions : $\text {Table: Producer Surplus}$
$\text {and Phantom Tickets}$
$\begin{array}{lr}
\hline \text { Student } & \text { Willingness to Sell } \
\hline \text { Tim } & \$ 1 \
\text { Laura } & 30 \
\text { Whitney } & 50 \
\text { Ralph } & 100 \
\text { Rick } & 150 \
\hline
\end{array}$

-(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,the total producer surplus for these five students is:
A) $139.
B) $110.
C) $40.
D) $379.

Quizplus · Accepted Answer

The producer surplus is the difference between the price a producer is willing to sell a good for and the price at which they actually sell it. In this case, the price at which the tickets are sold is $140. The producer surplus for each student is the difference between $140 and their willingness to sell. For Tim, the producer surplus is $140 - $1 = $139. For Laura, the producer surplus is $140 - $30 = $110. For Whitney, the producer surplus is $140 - $50 = $90. For Ralph, the producer surplus is $140 - $100 = $40. For Rick, the producer surplus is $140 - $150 = -$10. The total producer surplus for these five students is $139 + $110 + $90 + $40 + (-$10) = $379.

Use the Following to Answer Questions Table: Producer Surplus\text {Table: Producer Surplus}Table: Producer Surplus

Use the Following to Answer Questions $\text {Table: Producer Surplus}$