Question
Define Producer Surplus.
✓
Answer
Producer surplus is the extra amount of money producers are paid to supply a product above what they are willing to supply the product for.
A simple example of producer surplus would be when we sell an item for which we intend to charge ₹ 200, but the consumer has paid ₹ 250. In this case, we have a producer surplus of ₹ 50.
A simple example of producer surplus would be when we sell an item for which we intend to charge ₹ 200, but the consumer has paid ₹ 250. In this case, we have a producer surplus of ₹ 50.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Find addition modulo 25 where a and b are 15 and 6 respectively
The probability distribution of the discrete variable X is given as :
Find the value of $k.$
→| $X$ | $2$ | $3$ | $4$ | $5$ |
| $P(X)$ | $\frac{5}{k}$ | $\frac{7}{k}$ | $\frac{9}{k}$ | $\frac{11}{k}$ |
For some computers, the time period between charges of the battery is normally distributed with a mean of 50 hours and a standard deviation of 15 hours. Rohan has one of these computers and needs to know the probability that the time period will be between 50 and 70 hours.
The average salary per head of the entire staff of a small factory including the supervisor and labours is ₹ 5750 . The average salary per head of the supervisor is ₹ 20,000 and that of the labours is ₹ 5000 . Find the number of labours in the factory if there are 4 supervisors.
Find the inverse of the matrix $\left[\begin{array}{cc}-3 & 2 \\ 5 & -3\end{array}\right]$ Hence, find the matrix $P$ satisfying the matrix equation $P\left[\begin{array}{cc}-3 & 2 \\ 5 & -3\end{array}\right]=\left[\begin{array}{cc}1 & 2 \\ 2 & -1\end{array}\right]$.
→Find the sample size for the given standard deviation 10 and the standard error with respect of sample mean is 3.
If $A$ is a $3 \times 3$ matrix, $|A| \neq 0$ and $|3 A|=k|A|$, then find the value of $k$.
→What is statistic?
If m and n are the order and degree, respectively of the differential equation $y\left(\frac{d y}{d x}\right)^3+x^3\left(\frac{d^2 y}{d x^2}\right)^2-x y$= sin x , then write the value of m + n
→