Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of producer surplus?

A) $100 thousand B) $200 thousand C) $600 thousand D) $800 thousand

A

Economics

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Suppose the market supply curve is p = 5Q. At a price of 10, producer surplus equals

A) 50. B) 25. C) 12.50. D) 10.

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