5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Willingness to Sell and Producer Surplus
5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Willingness to Sell and Producer Surplus
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Use the graph for funky-fresh rhymes above. If a shift in demand causes equilibrium price to increase from \$3,000 to \$5,000 per funky-fresh rhyme, what is the change to producer surplus?
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Use the graph for Thingamabobs above. If the price were to decrease to \$1500 per Thingamabob, what is the change to producer surplus?
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