Using the following diagram, identify and calculate total producer surplus if the price of oil is $50 per barrel. Recall that for a triangle, Area 5 (1/2) 3 Base 3 Height. (You never thought you’d use that equation unless you became an engineer, did you?) pg53

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Price of oil per barrel $60 50 40 20 5. Supply of oil 20 40 60 Quantity of oil (MBD)