Question
The willingness of saddle producers to supply saddles can be modeled as S ( p ) = 0 for p is less than 5 2.194(1.295^p)
The willingness of saddle producers to supply saddles can be modeled as
S(p) = 0 for p is less than 5
2.194(1.295^p) for p is greater than or equal to 5
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$3000? (blank) thousand saddles
(b) Calculate the producer revenue when the market price is $9500. (Round your answer to three decimal places.) $(blank) million
(c) Calculate the producer surplus when the market price is $9500. (Round your answer to three decimal places.) $ (blank) million
Please fill in the blanks and state answers clearly!
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