Explanation Given: The demand and supply curve for a product are given as q = 10 p − 30 q = − 2 p + 30 Formula Used: The demand and supply graphs is as below. We observe that the market settles when the demand and quantity graphs cross at the equilibrium price p * and equilibrium quantity q * At equilibrium, a quantity q * of an item is produced and sold for a price of p * each. Calculation: The demand and supply curve for a product are given as q = 10 p − 30 q = − 2 p + 30 Supply price at q = 0 is calculated by substituting q = 0 in q = 10 p − 30 To determine (b) To find the consumer surplus and producer surplus at the equilibrium using fundamental theorem of calculus.

6th Edition

ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Question

Chapter 6.4, Problem 12P

To determine

(a)

To find the equilibrium price and equilibrium quantity.

To determine

(b)

To find the consumer surplus and producer surplus at the equilibrium using fundamental theorem of calculus.

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Chapter 6.4, Problem 11P

Chapter 6.4, Problem 13P

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Chapter 6 Solutions

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(a) To find the equilibrium price and equilibrium quantity.

Solution Summary: The author calculates the equilibrium price and equilibrium quantity using the fundamental theorem of calculus.