Explanation Calculation: Process for finding consumer surplus and producer surplus:- The supply function gives the quantity of an item that producers will supply at any provided price. Assume that denote the price per unit by p and the quantity supplied or demanded at that price by q . Thus the supply function is denoted by the formula p = S ( q ) The demand function provides the quantity that consumers will demand at any provided price. Thus the demand supply function is p = D ( q ) Total amount spent at equilibrium price = p e q e The selling price per unit could have been set at D ( x 1 ) dollars and x 1 units sold. So the total expenditure from buying these first units of commodity as follows, ( p r i c e p e r u n i t ) × ( n u m b e r o f u n i t s ) = D ( x ) Δ x D o l l a r s The amount of money paid by consumers willing to pay at least is approximately equal to D ( x 1 ) Δ x + D ( x 2 ) Δ x + D ( x 3 ) Δ x .......... + D ( x n ) Δ x According to the Riemann sum Integral, Total amount paid at maximum prices = ∫ 0 e D ( q ) d q

7th Edition

ISBN: 9781524916817

Author: SMITH KARL J, STRAUSS MONTY J, TODA MAGDALENA DANIELE

Publisher: Kendall Hunt Publishing

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Chapter 6 Solutions

Calculus

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the process of finding Consumers and Producer’s surplus

Solution Summary: The author explains the process of finding consumer surplus and producer surplus. The supply function gives the quantity of an item that producers will supply at any provided price.

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Chapter 6 Solutions