Question
1.) Find the producers' surplus if the supply function is: S(q) = q^7/2+3q^5/2 + 54. Assume the supply and demand are in equilibrium at q= 25.
2.) S(q) = q^2 + 12q and D(q) = 900 - 18q - q^2
The point at which the supply and demand are equilibrium is (15, 405).
a.) Find the consumers' surplus
b.) Find the producers' surplus
Thank you for any help!
2.) S(q) = q^2 + 12q and D(q) = 900 - 18q - q^2
The point at which the supply and demand are equilibrium is (15, 405).
a.) Find the consumers' surplus
b.) Find the producers' surplus
Thank you for any help!
Answers
Francesca
1.) Find the producers' surplus if the supply function is: S(q) = q^7/2+3q^5/2 + 54. Assume the supply and demand are in equilibrium at q= 25.
2.) S(q) = q^2 + 12q and D(q) = 900 - 18q - q^2
The point at which the supply and demand are equilibrium is (15, 405).
a.) Find the consumers' surplus
b.) Find the producers' surplus