The Supply Function for the CD Manufactured by Herald Records

question 163

Multiple Choice

The supply function for the CD manufactured by Herald Records is given by where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Use Trapezoidal Rule (take n = 8) to estimate the producers'surplus if the price is $8/CD. Round answer to two decimal places.

• A) $33,069.99
• B) $35,069.99
• C) $34,069.99
• D) $38,069.99

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Definitions:

Specific Sequence

A particular order or arrangement in which events, actions, or processes occur or are arranged.

Value Chain

The full range of activities that businesses go through to bring a product or service from conception to delivery to the consumer.

Materials Flow

The movement of raw materials, components, and finished products through various stages of production and distribution.

Supply Chain Management

The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.