Business, 07.03.2020 03:50 spalmer7

Producer SurplusAssume there are three hardware stores willing to sell one standard model hammer. House Depot is willing to sell the hammer for a minimum of $5. Lace Hardware can offer the hammer for a minimum of $7. Bob's Hardware store can offer the hammer at a minimum price of $12. a. If the market price of hammers is $12, how many hammers will be supplied? b. What will be the total Producer Surplus in this scenario? c. If the price of hammers decreases to $8, what happens to the number of hammers sold? What happens to producer surplus?

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Producer SurplusAssume there are three hardware stores willing to sell one standard model hammer. Ho...

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