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October 21, 2014

Homework Help: !math (4)

Posted by Mia on Friday, April 25, 2014 at 9:47pm.

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

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