Question

You are given a supply function of s(q)=5qs(q)=5q and a demand function of d(q)=−q2+36d(q)=-q2+36. Find the producer surplus measured in dollars. (Round your equilibrium values to the tenths place if necessary)

Answer 1

we are given

supply function:

demand function:

Firstly, we can find equilibrium points

we can solve for q

and we get

now, we can find equilibrium price

now, we can set up integral for producer surplus

now, we can solve it

..........Answer