![With illustrations define producer surplus With illustrations define producer surplus](https://digitalteachers.co.ug/wp-content/uploads/2022/09/Bbosa-Science.png)
With illustrations define producer surplus
Producer surplus is the difference between what the producer is willing to charge and what he actually charges for the commodity when what he actually charges is higher than what he is willing to charge.
Graphically Producer surplus is represented by the shaded area above the supply curve but below the equilibrium price.
CATEGORIES Economics
TAGS Dr. Bbosa Science