Question: A particular commodity has a price - supply equation given by p = 3 6 7 ( 1 . 0 3 3 ) x ,

A particular commodity has a price-supply equation given by p=367(1.033)x, where x is the number of items of the commodity demanded when the price is p dollars per item.
(a) Find producers' surplus if the equilibrium quantity is 59 items. (Round your answer to the nearest cent if necessary.)
(b) Find producers' surplus if the equilibrium price is 2,538 dollars. (Round your answer to the nearest cent if necessary.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!