Find the Producer's Surplus for a Product If Its Demand

question 70

Multiple Choice

Find the producer's surplus for a product if its demand function is and its supply function is where p is in millions of dollars and x is the number of thousands of units. Round your answer to the nearest million dollars. ​

• A) 53 million dollars
• B) 44 million dollars
• C) 40 million dollars
• D) 36 million dollars
• E) 47 million dollars

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Definitions:

Adipose Tissue

A type of body tissue that stores fat, serving both as a source of energy and as a form of insulation for the body.

Liver

A vital organ in vertebrates and some other animals which plays a key role in metabolism, detoxification, and various other bodily functions.

Glucagon

A hormone produced by the pancreas that raises blood glucose levels by promoting glycogen breakdown and glucose release by the liver.

Mammary Glands

Specialized organs in mammals that produce milk to nourish newborn offspring, consisting of lobular glands that are modified sweat glands.