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Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

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BuyFindarrow_forward

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

The demand function for a certain product is p   = 144   2 x 2 and the supply function is p =   x 2 +   33 x   +   48 . Find the producer's surplus at the equilibrium point.

To determine

To calculate: The producer’s surplus at market equilibrium for a product whose demand function is approximated by p=1442x2 dollars and supply function is p=x2+33x+48 dollars.

Explanation

Given Information:

The producer’s surplus at market equilibrium for a product whose demand function is approximated by p=1442x2 dollars and supply function is p=x2+33x+48 dollars.

Formula used:

The producer’s surplus for a supply function g(x) at equilibrium is,

PS=p1x10x1g(x)dx.

Where p1 is the equilibrium price ad x1 is the unit sold at equilibrium.

The quadratic formula for a quadratic equation ax2+bx+c is,

x=b±b24ac2a

Calculation:

Consider the supply function, p=x2+33x+48 and demand function, p=1442x2.

The supply function is equal to the demand function at equilibrium point.

1442x2=x2+33x+483x2+33x96=03(x2+11x32)=0x2+11x32=0

Compare the above equation with the standard quadratic equation,

a=1b=11c=32

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

x=b±b24ac2a

Substituting 1 for a, 11 for b and 32 for c to get:

x=11±(11)24(1)(32)2(1)=121±121+1282=2

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Chapter 13 Solutions

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Sect-13.1 P-9ESect-13.1 P-10ESect-13.1 P-11ESect-13.1 P-12ESect-13.1 P-13ESect-13.1 P-14ESect-13.1 P-15ESect-13.1 P-16ESect-13.1 P-17ESect-13.1 P-18ESect-13.1 P-19ESect-13.1 P-20ESect-13.1 P-21ESect-13.1 P-22ESect-13.1 P-23ESect-13.1 P-24ESect-13.1 P-25ESect-13.1 P-26ESect-13.1 P-27ESect-13.1 P-28ESect-13.1 P-29ESect-13.1 P-30ESect-13.1 P-31ESect-13.1 P-32ESect-13.1 P-33ESect-13.1 P-34ESect-13.1 P-35ESect-13.1 P-36ESect-13.1 P-37ESect-13.1 P-38ESect-13.1 P-39ESect-13.1 P-40ESect-13.2 P-1CPSect-13.2 P-2CPSect-13.2 P-1ESect-13.2 P-2ESect-13.2 P-3ESect-13.2 P-4ESect-13.2 P-5ESect-13.2 P-6ESect-13.2 P-9ESect-13.2 P-10ESect-13.2 P-11ESect-13.2 P-12ESect-13.2 P-7ESect-13.2 P-8ESect-13.2 P-23ESect-13.2 P-24ESect-13.2 P-13ESect-13.2 P-14ESect-13.2 P-15ESect-13.2 P-16ESect-13.2 P-17ESect-13.2 P-18ESect-13.2 P-19ESect-13.2 P-20ESect-13.2 P-21ESect-13.2 P-22ESect-13.2 P-25ESect-13.2 P-26ESect-13.2 P-27ESect-13.2 P-28ESect-13.2 P-29ESect-13.2 P-30ESect-13.2 P-31ESect-13.2 P-32ESect-13.2 P-33ESect-13.2 P-34ESect-13.2 P-35ESect-13.2 P-36ESect-13.2 P-37ESect-13.2 P-38ESect-13.2 P-39ESect-13.2 P-40ESect-13.2 P-41ESect-13.2 P-42ESect-13.2 P-43ESect-13.2 P-44ESect-13.2 P-45ESect-13.2 P-46ESect-13.2 P-47ESect-13.2 P-48ESect-13.2 P-49ESect-13.2 P-50ESect-13.2 P-51ESect-13.2 P-52ESect-13.2 P-53ESect-13.2 P-54ESect-13.2 P-55ESect-13.2 P-56ESect-13.2 P-57ESect-13.2 P-58ESect-13.2 P-59ESect-13.2 P-60ESect-13.2 P-61ESect-13.2 P-62ESect-13.2 P-63ESect-13.2 P-64ESect-13.2 P-65ESect-13.2 P-66ESect-13.2 P-67ESect-13.2 P-68ESect-13.3 P-1CPSect-13.3 P-2CPSect-13.3 P-3CPSect-13.3 P-1ESect-13.3 P-2ESect-13.3 P-3ESect-13.3 P-4ESect-13.3 P-5ESect-13.3 P-6ESect-13.3 P-7ESect-13.3 P-8ESect-13.3 P-9ESect-13.3 P-10ESect-13.3 P-11ESect-13.3 P-12ESect-13.3 P-13ESect-13.3 P-14ESect-13.3 P-15ESect-13.3 P-16ESect-13.3 P-17ESect-13.3 P-18ESect-13.3 P-19ESect-13.3 P-20ESect-13.3 P-21ESect-13.3 P-22ESect-13.3 P-23ESect-13.3 P-24ESect-13.3 P-25ESect-13.3 P-26ESect-13.3 P-27ESect-13.3 P-28ESect-13.3 P-29ESect-13.3 P-30ESect-13.3 P-31ESect-13.3 P-32ESect-13.3 P-33ESect-13.3 P-34ESect-13.3 P-35ESect-13.3 P-36ESect-13.3 P-37ESect-13.3 P-38ESect-13.3 P-39ESect-13.3 P-40ESect-13.3 P-41ESect-13.3 P-42ESect-13.3 P-43ESect-13.3 P-44ESect-13.3 P-45ESect-13.3 P-46ESect-13.3 P-47ESect-13.3 P-48ESect-13.3 P-49ESect-13.3 P-50ESect-13.4 P-1CPSect-13.4 P-2CPSect-13.4 P-3CPSect-13.4 P-1ESect-13.4 P-2ESect-13.4 P-3ESect-13.4 P-4ESect-13.4 P-5ESect-13.4 P-6ESect-13.4 P-7ESect-13.4 P-8ESect-13.4 P-9ESect-13.4 P-10ESect-13.4 P-11ESect-13.4 P-12ESect-13.4 P-13ESect-13.4 P-14ESect-13.4 P-15ESect-13.4 P-16ESect-13.4 P-17ESect-13.4 P-18ESect-13.4 P-19ESect-13.4 P-20ESect-13.4 P-21ESect-13.4 P-22ESect-13.4 P-23ESect-13.4 P-24ESect-13.4 P-25ESect-13.4 P-26ESect-13.4 P-27ESect-13.4 P-28ESect-13.4 P-29ESect-13.4 P-30ESect-13.4 P-31ESect-13.4 P-32ESect-13.4 P-33ESect-13.4 P-34ESect-13.4 P-35ESect-13.4 P-36ESect-13.5 P-1CPSect-13.5 P-2CPSect-13.5 P-3CPSect-13.5 P-4CPSect-13.5 P-5CPSect-13.5 P-6CPSect-13.5 P-1ESect-13.5 P-2ESect-13.5 P-3ESect-13.5 P-4ESect-13.5 P-5ESect-13.5 P-6ESect-13.5 P-7ESect-13.5 P-8ESect-13.5 P-9ESect-13.5 P-10ESect-13.5 P-11ESect-13.5 P-12ESect-13.5 P-13ESect-13.5 P-14ESect-13.5 P-15ESect-13.5 P-16ESect-13.5 P-17ESect-13.5 P-18ESect-13.5 P-19ESect-13.5 P-20ESect-13.5 P-21ESect-13.5 P-22ESect-13.5 P-23ESect-13.5 P-24ESect-13.5 P-25ESect-13.5 P-26ESect-13.5 P-27ESect-13.5 P-28ESect-13.5 P-29ESect-13.5 P-30ESect-13.5 P-31ESect-13.5 P-32ESect-13.5 P-33ESect-13.5 P-34ESect-13.5 P-35ESect-13.5 P-36ESect-13.5 P-37ESect-13.5 P-38ESect-13.5 P-39ESect-13.5 P-40ESect-13.5 P-41ESect-13.5 P-42ESect-13.6 P-1CPSect-13.6 P-2CPSect-13.6 P-1ESect-13.6 P-2ESect-13.6 P-3ESect-13.6 P-4ESect-13.6 P-5ESect-13.6 P-6ESect-13.6 P-7ESect-13.6 P-8ESect-13.6 P-9ESect-13.6 P-10ESect-13.6 P-11ESect-13.6 P-12ESect-13.6 P-13ESect-13.6 P-14ESect-13.6 P-15ESect-13.6 P-16ESect-13.6 P-17ESect-13.6 P-18ESect-13.6 P-19ESect-13.6 P-20ESect-13.6 P-21ESect-13.6 P-22ESect-13.6 P-23ESect-13.6 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P-2ESect-13.8 P-3ESect-13.8 P-4ESect-13.8 P-5ESect-13.8 P-6ESect-13.8 P-7ESect-13.8 P-8ESect-13.8 P-9ESect-13.8 P-10ESect-13.8 P-11ESect-13.8 P-12ESect-13.8 P-13ESect-13.8 P-14ESect-13.8 P-15ESect-13.8 P-16ESect-13.8 P-17ESect-13.8 P-18ESect-13.8 P-19ESect-13.8 P-20ESect-13.8 P-21ESect-13.8 P-22ESect-13.8 P-23ESect-13.8 P-24ESect-13.8 P-25ESect-13.8 P-26ESect-13.8 P-27ESect-13.8 P-28ESect-13.8 P-29ESect-13.8 P-30ESect-13.8 P-31ESect-13.8 P-32ESect-13.8 P-33ESect-13.8 P-34ECh-13 P-1RECh-13 P-2RECh-13 P-3RECh-13 P-4RECh-13 P-5RECh-13 P-6RECh-13 P-7RECh-13 P-8RECh-13 P-9RECh-13 P-10RECh-13 P-11RECh-13 P-12RECh-13 P-13RECh-13 P-14RECh-13 P-15RECh-13 P-16RECh-13 P-17RECh-13 P-18RECh-13 P-19RECh-13 P-20RECh-13 P-21RECh-13 P-22RECh-13 P-23RECh-13 P-24RECh-13 P-25RECh-13 P-26RECh-13 P-27RECh-13 P-28RECh-13 P-29RECh-13 P-30RECh-13 P-31RECh-13 P-32RECh-13 P-33RECh-13 P-34RECh-13 P-35RECh-13 P-36RECh-13 P-37RECh-13 P-38RECh-13 P-39RECh-13 P-40RECh-13 P-41RECh-13 P-42RECh-13 P-43RECh-13 P-44RECh-13 P-45RECh-13 P-46RECh-13 P-47RECh-13 P-48RECh-13 P-49RECh-13 P-50RECh-13 P-51RECh-13 P-53RECh-13 P-54RECh-13 P-55RECh-13 P-1TCh-13 P-2TCh-13 P-3TCh-13 P-4TCh-13 P-5TCh-13 P-6TCh-13 P-7TCh-13 P-8TCh-13 P-9TCh-13 P-10TCh-13 P-11TCh-13 P-12TCh-13 P-13TCh-13 P-14TCh-13 P-15TCh-13 P-16T

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