Explanation Given: The demand and supply curve for a product are given as q = 100 − 2 p q = 3 p − 50 Formula Used: The demand and supply graphs is as below: 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: The demand and supply curve for a product are given as q = 100 − 2 p q = 3 p − 50 Supply price at q = 0 is calculated by substituting q = 0 in q = 100 − 2 p . 0 = 100 − 2 p p = 100 2 = 50 Demand price at q = 0 is calculated by substituting q = 0 in q = 3 p − 50 . 0 = 3 p − 50 p = − 50 − 3 = 16 To determine (b) To find the producer surplus at the equilibrium.

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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Question

Chapter 6.4, Problem 7P

To determine

(a)

To find the consumer surplus at the equilibrium.

To determine

(b)

To find the producer surplus at the equilibrium.

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Chapter 6.4, Problem 6P

Chapter 6.4, Problem 8P

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Applied Calculus, 6e WileyPLUS + Loose-leaf

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(a) To find the consumer surplus at the equilibrium.

Solution Summary: The author explains how the demand and supply curves for a product are given as 400.