Question
Given the demand curve $p=35-q^{2}$ and the supply curve $p=3+q^{2},$ find the producer surplus when the market is in equilibrium.
Step 1
We set the two equations equal to each other and solve for $q$: \[35-q^{2}=3+q^{2}\] Solving this equation gives us $q=4$. Show more…
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The demand and supply curves for a product are given as $$ \begin{aligned} 2 q-15 p &=-120 \\ 3 q+6 p &=105 \end{aligned} $$ (a) Find the consumer surplus at the equilibrium. (b) Find the producer surplus at the equilibrium.
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