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What is the producer surplus

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Reference no: EM132154289

1) Consider the following supply equation:

q = -125 + 5p

Suppose the market price is p* = 50, What is the producer surplus?

A) $1,562.50

B) $9,375.50

C) $15,625.50

D) $4,687.50

2) due to marijuana's legalization, Mary Jane Potter decides to open up a marijuana shop. She willing to sell a gram for a minimum price of $5.00 Her producer surplus, once she sells a gram of marijuana, is $15.00. what is the market price of marijuana, per gram?

A) $10.00

B) $15.00

C) $5.00

D) $20.00

3) Uber uses a 'surge pricing' model. The price of an Uber ride increase when it is rush hour, there is a special event, or when bad weather occurs. Using a supply and demand diagram or diagrams, explain how surge pricing works.

Reference no: EM132154289

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