Assume that the market for Good X is defined as follows: QD = 64 – 16P and QS = 16P. What is the producer surplus in this market?
We don’t have enough information to determine producer surplus.
$24
$64
$32
$2
64-16P =16P I can solve for P and get $2 equilibrium price and I can solve for equilibrium quantity at 32 units but I can not figure out how to get the height and base numbers to plug into the formula for the area of the triangle to solve for producer surplus