The demand function for a certain brand of CD is given by
p = −0.01x2 − 0.2x + 14
where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by
p = 0.01x2 + 0.7x + 3
where p is the unit price in dollars and x
stands for the quantity that will be made available in the market
by the supplier, measured in units of a thousand. Determine the
producers' surplus if the market price is set at the equilibrium
price. (Round your answer to the nearest dollar.)
$
Get Answers For Free
Most questions answered within 1 hours.