Chapter 13.4, Problem 28E

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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

The quadratic formula for a quadratic equation

**Calculation:**

Consider the supply function,

The price of the unit at equilibrium is,

The standard form of the quadratic equation is,

The provided supply function is given as,

Substituting 36 for

Compare the above equation with the standard quadratic equation,

Use the quadratic formula to solve the quadratic equation to get the value of

Substituting

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