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Question 3 1 pts Suppose that supply is given as Q = 2P - 6, where P is price. If the market price is $33, then the total producer surplus is 

          Question 3
1 pts
Suppose that supply is given as Q = 2P - 6, where P is price. If the market price is $33, then
the total producer surplus is
Question 3 1 pts Suppose that supply is given as Q = 2P - 6, where P is price. If the market price is 33, then the total producer surplus is

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Question 3 1pts Suppose that supply is given as Q=2P-6, where P is price. If the market price is $33, then the total producer surplus is Question 3 1pts Suppose that supply is given as Q=2P-6,where P is price.If the market price is$33,then the total producer surplus is
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Transcript

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0:00 High.
00:01 Let's start the solution.
00:02 In this question, we have given curve is molded by equation p is 600 plus 0 .1 q power 3 by 2.
00:14 So, it can be written as p equal to 600 plus 0 .1 q power 3 by 2 can be written as 1 .5 and it is given that selling price p is $700.
00:31 So, now, we find the value of q.
00:39 So, we get here p is 700 which is equal to 600 plus 0 .1 q power 3 by 2.
00:49 So, 700 minus transfer this 600 in lhs which is equal to 0 .1 q power 3 by 2.
00:57 700 minus 600 is 100 which is equal to 0 .1 q power 3 by 2 and this one is equal to 1000 equal to q power 3 by 2 that is equal to 10 power 3 and 3 by 2 becomes 2 by 3 equal to q.
01:19 So, here we get q is 10 square means q is 100...
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