$1$

Formula $2$ points

If supply is given by

$S(p)=\{\begin{array}{ccc}0& \text{f}\text{o}\text{r}& p<mn>4</mn>\\ 21({1\mathrm{.}052}^p)& \text{f}\text{o}\text{r}& p4\end{array}$

where $p$ is the price in dollars per item and the supply is measured in hundreds of items, what is the producer surplus at a price of $$10?$

The units of your answer should be dollars. Input your answer without the dollar sign.

Hint: Be careful with the units!!! I've intentionally made this tricky to get you to think about units again. Remember, this is the area under a curve, so for this problem, the units of the area with be hundred dollars $($why$??).$ I$\text{'}$m asking you to input your answer as just dollars, so you'll have to do something first before typing in your answer!

Answer

$$

$5$

Formula $2$ points

If supply is given by $S(p)=-1\mathrm{.}8p^2-14\mathrm{.}0p442$ cases at a price of $$p$ per case and demand is given by $D(p)=60-0\mathrm{.}04p^2$ cases, what is the equilibrium PRICE?

You answer should be the number of dollars, rounded to the nearest cent $($two decimal places$),$ without the dollar sign.

Hint:SOLVER

Answer