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Find the producers' surplus at a price level of $7 for the price-supply equationp=S(x)=3+0.01x2where p is the price and x is the demand. Round to the nearest dollar. Do not include a dollar sign or any commas in your answer.

Question

Find the producers' surplus at a price level of $7 for the price-supply equation

p=S(x)=3+0.01x2
where p is the price and x is the demand. Round to the nearest dollar. Do not include a dollar sign or any commas in your answer.

 

 
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Step 1

Differentiate the price-supply equation with respect to and find at which the derivative is zero.

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Step 2

The price at x = 0 is

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Step 3

At p = 7, the demand ...

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