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The willingness of saddle producers to supply saddles can be modeled as S(p) = 0 for p < 5 2
The willingness of saddle producers to supply saddles can be modeled as
S(p) =
 |
| 0 | for p < 5 | |
| 2.194(1.295p) | for p ≥ 5 |
where
S(p)
is measured in thousand saddles and saddles are sold for p thousand dollars per saddle.
(a) How many saddles will producers supply when the market price is $3000?
thousand saddles
How many saddles will producers supply when the market price is $9000? (Round your answer to three decimal places.)
thousand saddles
(b) At what price will producers supply 20 thousand saddles? (Round your answer to three decimal places.)
$ thousand per saddle
(c) Calculate the producer revenue when the market price is $6500. (Round your answer to three decimal places.)
$ million
(d) Calculate the producer surplus when the market price is $6500. (Round your answer to three decimal places.)
$ million
Expert Solution
PFA
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