I have a doubt about this problem, I sketched the graph for the curve and where it intersects the y-axis at 300, but I can't find a way to calculate the way the problem asks.
The points that in y that I got when making the graph is Y = 56.25 and X = 1.46
The demand curve for a product is given by p = 450 / (x + 8). Calculate the surplus when the sales level is 300. Draw the supply curve and identify the producer surplus as an area.
The points that in y that I got when making the graph is Y = 56.25 and X = 1.46
The demand curve for a product is given by p = 450 / (x + 8). Calculate the surplus when the sales level is 300. Draw the supply curve and identify the producer surplus as an area.