The willingness of saddle-producers to supply saddles can be modeled as So 2.194(1.295P) for p < 5 for p 2 5 S(p) = where S(p) is measured in thousand saddles and saddles are sold for p thousand dollars per saddle. (a) How many saddles will producers supply when the market price is $2000? thousand saddles How many saddles will producers supply when the market price is $9000? (Round your answer to three decimal places.) thousand saddles (b) At what price will producers supply 10 thousand saddles? (Round your answer to three decimal places.) 24 thousand per saddle (c) Calculate the producer revenue when the market price is $6500. (Round your answer to three decimal places.) $4 X million (d) Calculate the producer surplus when the market price is $6500. (Round your answer to three decimal places.) $17.663 X million
The willingness of saddle-producers to supply saddles can be modeled as So 2.194(1.295P) for p < 5 for p 2 5 S(p) = where S(p) is measured in thousand saddles and saddles are sold for p thousand dollars per saddle. (a) How many saddles will producers supply when the market price is $2000? thousand saddles How many saddles will producers supply when the market price is $9000? (Round your answer to three decimal places.) thousand saddles (b) At what price will producers supply 10 thousand saddles? (Round your answer to three decimal places.) 24 thousand per saddle (c) Calculate the producer revenue when the market price is $6500. (Round your answer to three decimal places.) $4 X million (d) Calculate the producer surplus when the market price is $6500. (Round your answer to three decimal places.) $17.663 X million
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter7: Nonlinear Optimization Models
Section: Chapter Questions
Problem 56P
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