We appreciate your visit to At Nick s Bakery the cost to make a homemade chocolate cake is 4 per cake As a result of selling five cakes Nick experiences. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The definition of producer surplus is the difference between what the producer receives and what would be the minimum willingness to accept for the item.
Minimum Willingness to Accept: $4 Per cake X 5 Cakes= $20
Producer Surplus= $17.50
$20+$17.50= $37.50 Price 5 chocolate cakes are sold for
$37.50/5= $7.50 per chocolate cake.
Minimum Willingness to Accept: $4 Per cake X 5 Cakes= $20
Producer Surplus= $17.50
$20+$17.50= $37.50 Price 5 chocolate cakes are sold for
$37.50/5= $7.50 per chocolate cake.
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