If the Supply Function for a Commodity Is Where

question 179

Multiple Choice

If the supply function for a commodity is where p is in millions of dollars and x is the number of thousands of units. What is the producer's surplus when 12 thousand units are sold? Round your answer to the nearest million dollars. ​

• A) 5,623 million dollars
• B) 3,461 million dollars
• C) 3,468 million dollars
• D) 3,999 million dollars
• E) 3,524 million dollars

---

Definitions:

Borrowing

The act of receiving funds from another party with the agreement to repay the principal amount along with any agreed-upon interest or fees.

Contest

A competition or challenge, often with rules and participants aiming to win or achieve a specific outcome.

Earn

To receive income or compensation in exchange for work or through investments.

Rate Of Interest

The percentage at which interest is paid by a borrower for the use of money they borrow from a lender.