Find the Producer's Surplus for a Product with Demand Function

question 131

Multiple Choice

Find the producer's surplus for a product with demand function and supply function where p is in millions of dollars and x is the number of thousands of units. Round your answer to one decimal place. ​

• A) 37.5 million dollars
• B) 26.5 million dollars
• C) 21.0 million dollars
• D) 22.5 million dollars
• E) 23.5 million dollars

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Definitions:

Highest Score

The highest mark or value obtained among a set of observed scores or values.

Lowest Score

The smallest value in a data set or distribution.

Inclusive Range

Refers to the span of values from the minimum to maximum in a set, including both endpoints.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much individual values deviate from the mean.