Question
The table shows the number of DVDs that producers will supply at the given prices. Supply Schedule for DVDs (Producers will not supply DVDs when
The table shows the number of DVDs that producers will supply at the given prices.
Supply Schedule for DVDs (Producers will not supply DVDs when the market price falls below $5.00)
Price (dollars per DVD) Quantity (million DVDs)
5.00 1
7.50 1.5
10.00 2
15.00 3
20.00 4
25.00 5
(a) Find the function for the model giving the quantity supplied in milliion DVDs, where p is the price in dollars per DVD, with data from
5 p 25.
S(p) = 0 for p is less than 5
S(p) = (blank) for p is greater than or equal to 5
where S(p) is measured in million DVDs
(b) How many DVDs will producers supply when the market price is $10.98? (blank) million DVDs (c) At what price will producers supply 2.1 million DVDs? $ (blank) per DVD
(d) Calculate the producer revenue and producer surplus when the market price is $19.99. (Round your answer to three decimal places.) Producer revenue = $ (blank) million
Producer surplus= $ (blank) million
Please fill in all the blanks and state answer clearly thank you!!
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