Samantha R.

asked • 08/15/14# Find the consumer's and producer's surplus for an item with the following.

## 3 Answers By Expert Tutors

Lenny D. answered • 04/10/19

Former professor of economics at Tufts University

5q^2 = 4800 -(1/3)q^2 0 15q^2 = 14,400-q^2 or 16q^2= 14,400

take square root of both sides and get 4q=120 or q = 30 when q = 30 p=4500.

Total expenditure = 30* 4500 =135,000. (1)

The area under the demand curve is given by the integral evaluated fro 0 to 30

or 4800q - (q^3)/9 = 4800*30 - 27,000/9 = 144,000-3,000 =139,000 (2)

Consumer Surplus = (2)-(1) = 4000

The are under the supply curve is (5/3)q^3 evaluated from zero to 30.

or (5/3)*(30^3) =45,000 (3)

Producer Surplus = (1)-(3) = 90,000

Carol H. answered • 08/15/14

Experienced Mathematics Tutor w/ Master's Degree in Math

**Samantha,**

**Is that q**

^{2/3}or q^{2}/3?**Carol**

Phillip R. answered • 08/15/14

Top Notch Math and Science Tutoring from Brown Univ Grad

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Samantha R.

^{2}/308/15/14