The Queensland Government is considering introducing a new training program in Toowoomba. You have been asked to evaluate this program. Part of the analysis involves the calculation of producer surplus relating to the market for digital technology. To calculate the producer surplus you need to derive the supply curve. You observe that at the current market equilibrium, the price of the technology equals $70 and the quantity equals 25 units.After some research you also find that at this equilibrium, the price elasticity of supply is 1.7.Assume that the supply schedule is linear.

b.Calculate the producer surplus in the market.Hint:Use the price elasticity and market equilibrium to find the supply schedule.Do notincludethe '$' sign in your answer.