Question
Asked May 9, 2019
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Find the producers' surplus at a price level of $8 for the price-supply equation

p=S(x)=2+0.3x
where p is the price and x is the demand. Do not include a dollar sign or any commas in your answer.

 

 
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Expert Answer

Step 1

Given:

The price level p = $8.

The price-supply equation is p = S(x) = 2 + 0.3x.

Step 2

Calculation:

Substitute p = 8 in the price-supply equation to find x as follows.

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Step 3

Calculate the producer su...

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