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Producer surplus for the market

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Reference no: EM133133703

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. 

Reference no: EM133133703

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