Suppose you recently sold your used car. Assume that no new production was involved in this transaction. Wealth was created because the value of your willingness to sell was the buyer's willingness to pay. Suppose you sold the car for $25,000. If the minimum price, or "bottom line," you would accept for the car is $19,000 and the most the buyer is willing to pay is $33,000, then the seller surplus is $ and the buyer surplus is $ . The total surplus created by the transaction is $

The total surplus created by the transaction is $14,000.

Explanation:

Price of selling the car = $ 25,000

Minimum price = $19,000

Maximum price = $33,000

Seller surplus = selling price of car - minimum price the seller would accept

= $25,000 - $19,000

=  $ 6,000

Buyer surplus = price buyer is willing to pay - price paid by buyer

= $33,000 - $25,000

= $  8,000

Total surplus = seller surplus + buyer surplus

= $6,000 + $8,000

= $14,000

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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