The demand function for a certain brand of CD is given by Ï -0.01x2-0.2x + 11 where Ï 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 Ï-0.01x2 + 0.2x + S where Ï 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) Need Help? Resedik
Show transcribed image textThe demand function for a certain brand of CD is given by Ï -0.01x2-0.2x + 11 where Ï 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 Ï-0.01x2 + 0.2x + S where Ï 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) Need Help? Resedik