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Let P Represent Price; Let QS represent Quantity Supplied; and Assume

Question 348

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Let P represent price; let QS represent quantity supplied; and assume the equation of the supply curve is P=10+(1/4)QSP = 10 + ( 1 / 4 ) Q ^ { S } . If 80 units of the good are produced and sold, then producer surplus amounts to $1,200.

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