Practice: Use the graph for funky-fresh rhymes above. If a shift in demand causes equilibrium price to increase from $3,000 to $5,000 per funky-fresh rhyme, what is the change to producer surplus?
Concept #1: Producer Surplus in a Small Setting
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Concept #2: Producer Surplus and Market Supply
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Example #1: Producer Surplus
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Practice: Use the graph for funky-fresh rhymes above. If a shift in demand causes equilibrium price to increase from $3,000 to $5,000 per funky-fresh rhyme, what is the change to producer surplus?
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