Use the Following to Answer Questions $\text {Table: Producer Surplus}$

question 117

Multiple Choice

Use the following to answer questions : $\text {Table: Producer Surplus}$

$\begin{array}{lr}\hline \text { The table below shows the willingness}&\\\text { to sell The Nutty Nutcracker tickets by}&\\\text { five students who received their ticket}&\\\text { as part of their student activity fees. }&\\\text {Assume that each student only has one }&\\\text {ticket to sell.}&\\ \hline \text { Student } & \text { Willingness to Sell } \\\hline \text { Caitlin } & \$ 1 \\\text { Dudley } & 25 \\\text { Evan } & 60 \\\text { Francisco } & 90 \\\text { Grace } & 100\end{array}$

-(Table: Producer Surplus) Use Table: Producer Surplus.If the price of a ticket to see The Nutty Nutcracker is $50 and there is no other market for tickets,then the total producer surplus for the five students is:

• A) $50.
• B) $74.
• C) $100.
• D) $276.

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Definitions:

Sample Mean

The average of all the data points in a sample set from a population.

Squared Deviations

The squares of the differences between each value in a set and the mean of the set, used in various statistical computations including variance.

Standard Deviation

An indicator that evaluates the degree of scatter or inconsistency in a dataset in relation to its mean.

Salespersons

Individuals who are employed to sell products or services to customers, often working on commission.