Chapter 13.4, Problem 30E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

If the supply function for a commodity is
*x* = 20?

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, *x* sold is 20.

The provided supply function is given as,

Substituting the value

Thus, the equilibrium point

Use the formula for the producer’s surplus,

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