EduFarming
Your list · 0हिं

Type at least two letters. Press Esc to close.

↑↓ navigate↵ openTAB cycle filter

Consumer & Producer Surplus · Question 67 of 70

Question 67

HardOriginal question

The supply function is p=x2+3p = x^{2} + 3, and the market price is ₹12. What is the producer surplus?

Options for question 67

Show the answer and explanation
CorrectNot quiteAnswer B

Correct answer: B

Explanation

  1. The market clears at x0=3x_0 = 3, p0=12p_0 = 12.

  2. PS=12×3−∫03(x2+3) dx=36−18=18PS = 12 \times 3 - \int_0^{3} (x^{2} + 3)\,dx = 36 - 18 = 18.

Worth noting

₹27 treats the supply curve as a straight line from (0, 3) to (3, 12); the curve bends below it.

Concept
Producer surplus for a curved supply
Typical time
120 s
Your time
—
The rule this testsProducer surplus
Practise this chapter →

Ten questions from Consumer & Producer Surplus, at your own pace.

Practise this chapter →

Ten questions from Consumer & Producer Surplus, at your own pace.

Practise this chapterAll 70 questions in Consumer & Producer SurplusRevise the notes for Consumer & Producer Surplus