The equilibrium price in the market for jet skis is $5,500.  In the Candlewood Lake area, there are two jet ski sellers, Junior's Jet Skis and Miller Water Sports.  Junior's Jet Skis would be willing to sell a jet ski for $4,500.  Miller Water Sports would be willing to sell a jet ski for $5,250.  On Saturday, Junior's Jet Skis sells 1 jet ski and Miller Sports sells 2 jet skis.  What is the total producer surplus for the two sellers on Saturday? Group of answer choices

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Elasticity
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The equilibrium price in the market for jet skis is $5,500.  In the Candlewood Lake area, there are two jet ski sellers, Junior's Jet Skis and Miller Water Sports.  Junior's Jet Skis would be willing to sell a jet ski for $4,500.  Miller Water Sports would be willing to sell a jet ski for $5,250.  On Saturday, Junior's Jet Skis sells 1 jet ski and Miller Sports sells 2 jet skis.  What is the total producer surplus for the two sellers on Saturday?

Group of answer choices

$750

$250

$500

$1,500

$1,250

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