The Demand Function for a Certain Brand of Compact Disc

question 254

Short Answer

The demand function for a certain brand of compact disc is given by
​ ​
The supply function for the compact discs is given by
​ ​
where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the producers' surplus if the wholesale market price is set at the equilibrium price. Round your answer to the nearest dollar.
​
$__________

---

Definitions:

Technological Growth

An increase in the efficiency of producing goods and services due to improvements in technology, innovation, and methods.

Skilled Workers

Individuals who have acquired special training, education, knowledge, and abilities to perform specific tasks efficiently.

In-kind Transfers

Non-cash transfers of goods or services provided to individuals or groups, often utilized in social welfare programs.

Welfare Programs

Welfare programs are government initiatives designed to support individuals and families in need by providing financial aid, healthcare, food assistance, and other basic necessities.