Wednesday

April 1, 2015

April 1, 2015

Posted by **Vanessa** on Wednesday, April 23, 2014 at 10:55pm.

p = −0.01x^2 − 0.2x + 12

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 = 0.01x^2 + 0.5x + 3

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.)

- *math (4) -
**Steve**, Thursday, April 24, 2014 at 6:01amIs this a trick question? I thought the equilibrium price is where supply = demand. That is, there is zero surplus.

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