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Consumer & Producer Surplus · Question 56 of 70

What quantity of chairs is supplied at the market price of ₹31?

Question 56

EasyOriginal question

The supply function for a kind of handmade chair is p=4+3x2p = 4 + 3x^{2}, where pp is the price in rupees and xx the quantity supplied. The market price is ₹31.

What quantity of chairs is supplied at the market price of ₹31?

Options for question 56

Show the answer and explanation
CorrectNot quiteAnswer B

Correct answer: B

Explanation

  1. 4+3x2=314 + 3x^{2} = 31, so x2=9x^{2} = 9.

  2. x=3x = 3.

Worth noting

9 is x2x^{2}, not xx.

Concept
Quantity from the supply curve
Typical time
90 s
Your time
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The rule this testsProducer surplus
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