Explanation Given: Supply function value is S ( q ) = 0.5 q + 15 , q 0 = 5 units. Calculation: Consider the following supply function S ( q ) = 0.5 q + 15 ....... ( 1 ) At sales level q 0 = 5 , the price will be, p 0 = S ( q 0 ) = 0.5 × 5 + 15 = 2.5 + 15 = 17.5 Therefore, the price at which 5 units will be suppliedis $ 17.50 . Use the formula for the Producer’s surplus. “If q 0 units of a commodity are sold at a price of p 0 dollars per unit, and if p = S ( q ) is the producer’s supply function for the commodity, then P S = p 0 q 0 − ∫ 0 q 0 S ( q ) d q " ....... ( 2 ) Substitute, the values in the above expression, S ( q ) = 0.5 q + 15 , p 0 = 17.50 and q 0 = 5 . The producer’s surplus at given sales level will be, P S = 17

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Author: SMITH KARL J, STRAUSS MONTY J, TODA MAGDALENA DANIELE

Publisher: Kendall Hunt Publishing

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Chapter 6.6, Problem 13PS

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the corresponding producer’s surplus sales level and sketch the producer’s surplus.

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Chapter 6 Solutions