A supplier of portable hair dryers will make x hundred units of hair dryers available in the market when the unit price is

Question

p=√81+4.2x

dollars. Determine the producers' surplus if the market price is set at $12/unit. (Round your answer to two decimal places.)

Answer 1

p=√81+4.2x

= " " *12=

= 9+50.4=59.4

Answer 2

______

p=√81+4.2x

p = 12

______

(12)² =( √81+4.2x)²

144 = 81 +4.2x

63 = 4.2x

63/4.2 = x

x = 15

Don't forget that x is in hundreds. Therefore, the producers' surplus is 1500 units of hair dryer.