Explanation Given: The demand and supply curve as shown below. 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. Consumer surplus is defined as total amount gained by consumer by purchasing the item at given price, rather than the price they would have been willing to pay C o n s u m e r s u r p l u s = A r e a b e t w e e n d e m a n d c u r v e a n d h o r i z o n t a l l i n e a t p * . Producer surplus is defined as the total amount gained by producer by selling the item at the given price, rather than the price they would have been willing to accept. P r o d u c e r s u r p l u s = A r e a b e t w e e n s u p p l y c u r v e a n d h o r i z o n t a l l i n e a t p * . Calculation: Given the demand and supply graph as follows: From above graph, we observe that demand and supply curve cross at q u a n t i t y = 350 and p r i c e = 8 Thus, we have Equilibrium price = 8 $ / unit Equilibrium quantity = 350 Consumer Surplus is calculated as follows: The area representing consumer surplus is shaded in the graph below:

Applied Calculus, 6e WileyPLUS + Loose-leaf

6th Edition

ISBN: 9781119408901

Author: Deborah Hughes-Hallett, Andrew M. Gleason, Patti Frazer Lock, Daniel E. Flath

Publisher: Wiley (WileyPLUS Products)

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Chapter 6.4, Problem 2P

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To find the equilibrium price and quantity and the consumer and producer surplus for the supply and demand curves as shown in the below figure.

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Chapter 6.4, Problem 1P

Chapter 6.4, Problem 3P

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Applied Calculus, 6e WileyPLUS + Loose-leaf

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To find the equilibrium price and quantity and the consumer and producer surplus for the supply and demand curves as shown in the below figure.

Solution Summary: The author calculates the equilibrium price and quantity and consumer and producer surplus for the supply and demand curves.

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To find the equilibrium price and quantity and the consumer and producer surplus for the supply and demand curves as shown in the below figure.

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Chapter 6 Solutions