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The following table describes Hamilton's Harmonicas production costs for harmonicas. Quantity Cost to produce 1 10 2 30 3 60 4 100 5 150 For
The following table describes Hamilton's Harmonicas production costs for harmonicas.
Quantity | Cost to produce |
1 | 10 |
2 | 30 |
3 | 60 |
4 | 100 |
5 | 150 |
For example, producing the first unit costs $10. Producing the second unit costs $30 (and therefore the total costs of producing two units is $40). How much producer surplus does Hamilton's Harmonicas earn if the price of harmonicas is $120? Your answer should be a whole number - no rounding is necessary.
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