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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 ($)
MC-George ($)
MC-Ringo ($)
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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