Explanation Given: The demand curve is p = 35 − q 2 and the supply curve is p = 3 + q 2 . 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 * . 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 * Calculation: Demand curve is p = 35 − q 2 . Supply curve is p = 3 + q 2 . Equilibrium price can be calculated by equating demand and supply curve. We get 35 − q 2 = 3 + q 2 q 2 + q 2 = 35 − 3 2 q 2 = 32 q 2 = 16 q = ± 4 But quantity can never be negative, we have q = 4 Value of p is calculated as p = 3 + ( 4 ) 2 = 3 + 16 = 19 Equilibrium price = 19 and equilibrium quantity = 4 Producer surplus can be calculated as follows: 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 * We need to calculate the area between the supply curve - p = 3 + q 2 and p = 19

6th Edition

ISBN: 9781119399322

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 6.4, Problem 4P

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To find the producer surplus when the market is in equilibrium, given the demand curve as p=35−q2 and supply curve as p=3+q2.

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To find the producer surplus when the market is in equilibrium, given the demand curve as p = 35 − q 2 and supply curve as p = 3 + q 2 .

Solution Summary: The author calculates the producer surplus when the market is in equilibrium by equating demand and supply curve.

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To find the producer surplus when the market is in equilibrium, given the demand curve as p=35−q2 and supply curve as p=3+q2.

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Chapter 6 Solutions