Question: please help with all 3 questions. im confusing myself For questions 12 - 14, choose one letter representing the best or most correct answer. 12.

please help with all 3 questions. im confusing myself

For questions 12 - 14, choose one letter representing the best or most correct answer. 12. Producer surplus is calculated as the difference which of the following? a. Producer Revenue and Production Cost. b. Producer Surplus and Production Cost. c. Producer Revenue and Consumer Willingness to Pay. d. Producer Revenue and Consumer Expenditures. e. Producer Surplus and Consumer Surplus. 13. What is the sum of consumer surplus and actual consumer expenditures? a. Consumer Revenue. b. Total Consumer Welfare. c. Consumer Willingness to Pay. d. Producer Revenue. e. TRICK QUESTION! The sum of those areas is nothing in particular. 14. What do we call the responsiveness of demand to changes in its own price? a. Cross-price Elasticity of Demand. b. Demand Elasticity. c. Demand Responsiveness. d. Own-price Elasticity of Demand e. A Shift in Demand

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