Chapter 13.4, Problem 27E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

Suppose that the supply function for a good is

To determine

**To calculate:** The producer’s surplus for a good whose supply function is approximated by

Explanation

**Given Information:**

The producer’s surplus for a good whose supply function is approximated by

**Formula used:**

The producer’s surplus for a supply function

Where

**Calculation:**

Consider the supply function,

The price of the unit at equilibrium is,

The provided supply function is given as,

Substituting 422 for

Solve the further,

And

Thus, the equilibrium point

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