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In the same market, three sellers (John, George, and Ringo) have the marginal cost ( MC ) schedules shown below. Quantity MC John ($) MC
In the same market, three sellers (John, George, and Ringo) have the marginal cost (MC) schedules shown below.
Quantity | MCJohn ($) | MCGeorge ($) | MCRingo ($) |
---|---|---|---|
1 | 30 | 20 | 10 |
2 | 60 | 50 | 40 |
3 | 90 | 80 | 70 |
4 | 120 | 110 | 100 |
5 | 150 | 140 | 130 |
If the equilibrium price is $80, calculate the following:
The quantity produced by each seller.
The producer surplus for each seller.
The producer surplus for the market as a whole.
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