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Given the demand curve p 38 q2 and the supply curve p 6 q2 find...

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Basic Math

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Given the demand curve p 38 q2 and the supply curve p 6 q2 find the producer surplus when the market is in equilibrium Round your answer to 3 decimal places Part 1 The producer surplus is the total amount gained by producers by selling at the current price rather than the price they would have been willing to accept It is the area between the supply curve and the horizontal line p To begin our problem we need to find the equilibrium price p and quantity q In equilibrium supply demand So we have to solve the equation for q This will give us the value for q Og 4 22 38 q 6 q

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