Math Problem Statement
Given the demand function
P=35−Q2dP=35−Qd2
and the supply function
P=3+Q2s.P=3+Qs2.
Calculate the producer surplus.
a.
42,742,7
b.
69,069,0
c.
33,333,3
d.
0,0
Solution
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Math Problem Analysis
Mathematical Concepts
Equilibrium in Economics
Producer Surplus
Quadratic Functions
Formulas
Equilibrium Price: Pₑ = 35 - Q² = 3 + Q²
Producer Surplus: PS = ½ × Base × Height
Supply Function: P = 3 + Q²
Theorems
Equilibrium Theorem
Producer Surplus Theorem
Suitable Grade Level
College-level Economics or Advanced High School (Grades 11-12)
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