Using the following diagram, identify and calculate total producer surplus if the price of oil is $50 per barrel Recall that for a triangle, area (1 2) Atilde base Atilde height (You never thought youd use that equation unless you became an engineer, did you ) Price of oil per barrel Supply of oil ...

Using the following diagram, identify and calculate total producer surplus if the price of oil is $50

Question:

Using the following diagram, identify and calculate total producer surplus if the price of oil is $50 per barrel. Recall that for a triangle, area = (1/2) Ã— base Ã— height. (You never thought you€™d use that equation unless you became an engineer, did you?)