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Please help! Will rate! A particular commodity has a price-supply equation given by p=368(1.034)x, where x is the numbers of items of the commodity demanded
Please help! Will rate!
A particular commodity has a price-supply equation given by p=368(1.034)x, where x is the numbers of items of the commodity demanded when the price is p dollars per item. (a) Find producers' surplus if the equilibrium quantity is 51 items. (Round your answer to the nearest cent if necessary.) (b) Find producers' surplus if the equilibrium price is 2,467 dollars. (Round your answer to the nearest cent if necessary.) Step by Step Solution
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