Tim mows neighborhood lawns for extra money. Suppose that he would be willing to mow one lawn for $10 , a second lawn for $15 , and a third lawn for $21. Also suppose that three neighbors are interested in having their lawns mowed. Mrs. Jones would be willing to pay $30 to have her lawn mowed, Mr. Wilson would be willing to pay $26 , and Ms. Smith would be willing to pay $21.
If Tim offers to mow lawns for $21 each, what will be his producer surplus? Considering Mrs. Jones, Mr. Wilson, and Ms. Smith together, what will be their consumer surplus?
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