Calculus Help please ? Part D Producer Surplus The willingness of saddle producers to supply saddles can be modeled as0for p < 5(2.194(1.295) for p = 5S(p) =>) -where S(p) is measured in thousand saddles and saddles are sold for p thousand dollars per saddle.(a) How many saddles will producers supply when the market price is $4000?0thousand saddlesHow many saddles will producers supply when the market price is $8000? (Round your answer to three decimal places.)17.354✔ thousand saddles(b) At what price will producers supply 15 thousand saddles? (Round your answer to three decimal places.)$ 7.436thousand per saddle(c) Calculate the producer revenue when the market price is $9500. (Round your answer to three decimal places.)$ 242.953million(d) Calculate the producer surplus when the market price is $9500. (Round your answer to three decimal places.)x millionS

The supply function is the mathematical relationship between the quantity supplied and the price. It…

Answered: (d) Calculate the producer surplus when…

(d) Calculate the producer surplus when the market price is $9500. (Round your answer to three decimal places.) x million

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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Question

Calculus Help please ? Part D Producer Surplus

The willingness of saddle producers to supply saddles can be modeled as
0
for p < 5
(2.194(1.295) for p = 5
S(p) =
>) -
where S(p) is measured in thousand saddles and saddles are sold for p thousand dollars per saddle.
(a) How many saddles will producers supply when the market price is $4000?
0
thousand saddles
How many saddles will producers supply when the market price is $8000? (Round your answer to three decimal places.)
17.354
✔ thousand saddles
(b) At what price will producers supply 15 thousand saddles? (Round your answer to three decimal places.)
$ 7.436
thousand per saddle
(c) Calculate the producer revenue when the market price is $9500. (Round your answer to three decimal places.)
$ 242.953
million
(d) Calculate the producer surplus when the market price is $9500. (Round your answer to three decimal places.)
x million
S

Definition Definition Producer’s gain from trade. The producer surplus is the area above the supply curve but below the equilibrium price and up to the equilibrium quantity.

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