Assume a market supply function is given by the equation [ Q_{s}=-7+0.6 P ] where (Q_{s}) is
Question:
Assume a market supply function is given by the equation
\[
Q_{s}=-7+0.6 P
\]
where \(Q_{s}\) is the quantity supplied and \(P\) is the price. If \(P\) equals 15 , the value of the producer surplus is closest to:
A. 3.3.
B. 41.0 .
C. 67.5 .
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Lets find the producer surplus using the given market supply function Qs 7 06P Given that P 15 we ca...View the full answer
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Related Book For
Economics For Investment Decision Makers
ISBN: 9781118111963
1st Edition
Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto
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