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Lecture

8.4 Economics & Biology Applications Question #3 (Medium)

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Department
Mathematics
Course Code
MAT136H1
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all

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8.4 Challenging Integral Applications Economics & Biology Applications Question #3 (Medium): Producer Surplus Given a Supply Curve Strategy Consumer Surplus is how much consumer (ie. buyer) saves when the demand curve lies above the selling price. So it is given by )( ) ∫ [ ( ) ] , where is the number sold. On the other hand from the merchant’s perspective, they gain when the supply curve lies below the selling price. Thus, the Producer Surplus is given by ∫ ( )] Sample Question If the supply function is modeled by the equation , find the producer surplus when the selling price is . Solution Producer
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