Statistics Solutions

[See Solution] Supply The willingness of saddle producers to sup: ply saddles can be modeled by the following function: S(p)= \begincases0 \text thousand saddles

Question: Supply The willingness of saddle producers to sup: ply saddles can be modeled by the following function:

\[S(p)= \begin{cases}0 \text { thousand saddles } & \text { if } p<5 \\ 2.194\left(1.295^{\circ}\right) \text { thousand saddles } & \text { if } p \geq 5\end{cases}\]

where saddles are sold for \(p\) thousand dollars.

  1. How many saddles will producers supply when the market price is $\$ 4000 ? \$ 8000 ?$
  2. At what price will producers supply 10 thousand saddles?
  3. Find the producers' revenue when the market price is $\$ 7500$.
  4. Find the producers' surplus when the market price is $\$ 7500 .$

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Deliverable: Word Document


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