Chapter 13, Problem 9T

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

Suppose the supply function for a product is
*p* is the price in dollars. If the market equilibrium price is $80, find (a) the consumer’s surplus and (b) the producer's surplus.

**(a)**

To determine

**To calculate:** The consumer’s surplus for the supply function

Explanation

**Given information:**

The provided supply function is

**Formula used:**

The consumer’s surplus is provided by

**Calculation:**

Consider the supply function,

The market equilibrium price

Substitute

**(b)**

To determine

**To calculate:** The producer’s surplus for the supply function

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