Chapter 6, Problem 51RE

Producers'surplus. The accompainying table gives price–supply data lor the sale of hogs at a livestock market, where .x is the number of pounds (in thousands) and p is the price per pound (in cents):

Price-Supply

x	p = S(x)
0	43.50
10	46.74
20	50.05
30	54.72
40	59.18

(A) Using quadratic regression to model the data, find the demand at a price of 52.50 cents per pound.

(B) Use a numerical integration routine to find the producers’ surplus (to the nearest doliar) at a price level of 52.50 cents per pound.