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Producers' Surplus The demand function for a certain brand of CD is given by p = ?0.01x2...

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Advance Math

Producers' Surplus

The demand function for a certain brand of CD is given by

p = ?0.01x2 ?0.2x + 11

where p is the unit price in dollars and x isthe quantity demanded each week, measured in units of a thousand.The supply function is given by

p = 0.01x2 +0.6x + 1

where p is the unit price in dollars and xstands for the quantity that will be made available in the marketby the supplier, measured in units of a thousand. Determine theproducers' surplus if the market price is set at the equilibriumprice. (Round your answer to the nearest dollar.)

Answer & Explanation Solved by verified expert
3.8 Ratings (435 Votes)
The demand function isThe supply    See Answer
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