Explanation Given Information: The supply function for x units of a certain lamp is p = 0.02 x + 50.01 − 10 x 2 − 1 dollars, p in dollars and the equilibrium price is $ 70 and the equilibrium quantity is 1000 . Formula used: According to the Producer’s Surplus, The producer surplus is given by the area between p = g ( x ) and the x − axis from 0 to x 1 , subtracted from p 1 x 1 if the supply function is p = g ( x ) , P S = p 1 x 1 − ∫ 0 x 1 g ( x ) d x Calculation: Consider the supply function, p = 0.02 x + 50.01 − 10 x 2 − 1 Here p 1 = 70 and x 1 = 1000 , also g ( x ) = 0.02 x + 50.01 − 10 x 2 − 1 Use the formula of producer surplus to calculate the producer surplus as, P S = ( 70 ) ⋅ ( 1000 ) − ∫ 0 1000 ( 0

12th Edition

ISBN: 9780840058225

Author: HARSHBARGER

Publisher: CENGAGE L

See similar textbooks

Concept explainers

Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differentia…

Videos

Question

Chapter 13, Problem 50RE

To determine

To calculate: The Producer’s Surplus for a good where supply function for x units of a certain lamp is p=0.02x+50.01−10x2−1 dollars, p in dollars and the equilibrium price is $70 and the equilibrium quantity is 1000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 13, Problem 49RE

Chapter 13, Problem 51RE

Students have asked these similar questions

21. ANALYSIS OF LAST DIGITS Heights of statistics students were obtained by the author as part of an experiment conducted for class. The last digits of those heights are listed below. Construct a frequency distribution with 10 classes. Based on the distribution, do the heights appear to be reported or actually measured? Does there appear to be a gap in the frequencies and, if so, how might that gap be explained? What do you know about the accuracy of the results? 3 4 555 0 0 0 0 0 0 0 0 0 1 1 23 3 5 5 5 5 5 5 5 5 5 5 5 5 6 6 8 8 8 9

A side view of a recycling bin lid is diagramed below where two panels come together at a right angle. 45 in 24 in Width? — Given this information, how wide is the recycling bin in inches?

f'(x)

Chapter 13 Solutions

MATH APPS

Ch. 13.1 - CHECKPOINT 1. For the interval [0, 2]. determine...Ch. 13.1 - Prob. 2CP Ch. 13.1 - Prob. 1E Ch. 13.1 - Prob. 2E Ch. 13.1 - Prob. 3E Ch. 13.1 - Prob. 4E Ch. 13.1 - Prob. 5E Ch. 13.1 - Prob. 6E Ch. 13.1 - Prob. 7E Ch. 13.1 - Prob. 8E

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.

The Producer’s Surplus for a good where supply function for x units of a certain lamp is p = 0.02 x + 50.01 − 10 x 2 − 1 dollars, p in dollars and the equilibrium price is $ 70 and the equilibrium quantity is 1000 .

Solution Summary: The author explains how to calculate the Producer's Surplus for a good where supply function for x units of the lamp is p=0.02x+50.01-10.

Concept explainers

Videos

To calculate: The Producer’s Surplus for a good where supply function for x units of a certain lamp is p=0.02x+50.01−10x2−1 dollars, p in dollars and the equilibrium price is $70 and the equilibrium quantity is 1000.

Want to see the full answer?

Chapter 13 Solutions