The demand function for a certain brand of CD is given by p = -0.01x2 -0.2x+14 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x² + 0.6x+4 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.)
The demand function for a certain brand of CD is given by p = -0.01x2 -0.2x+14 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x² + 0.6x+4 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The demand function for a certain brand of CD is given by
p = -0.01x2 -0.2x+14
where p is the unit price in dollars and x is the quantity demanded each week, measured in units
of a thousand. The supply function is given by
p = 0.01x² + 0.6x+4
where p is the unit price in dollars and x stands for the quantity that will be made available in the
market by the supplier, measured in units of a thousand. Determine the producers' surplus if the
market price is set at the equilibrium price. (Round your answer to the nearest dollar.)
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