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)