Question
The numbers reveal the opportunity costs of providing 10 piano lessons of equal quality. (Table 7-12) Seller Cost Marcia $200 Jan $250 Cindy $350 Greg
The numbers reveal the opportunity costs of providing 10 piano lessons of equal quality.
(Table 7-12)
Seller Cost
Marcia $200
Jan $250
Cindy $350
Greg $400
Peter $700
Bobby $800
Refer to Table 7-12.
The equilibrium market price for 10 piano lessons is $300. What is the total producer surplus in
the market?
a. $1500
b. $150
c. $50
d. $1,050
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International Economics Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
9th Edition
978-0132146654, 0132146657, 9780273754091, 978-0273754206
