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Consumer & Producer Surplus · Question 62 of 70

What is the least the chair makers would have accepted in all for that quantity?

Question 62

MediumOriginal 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 is the least the chair makers would have accepted in all for that quantity?

Options for question 62

Show the answer and explanation
CorrectNot quiteAnswer C

Correct answer: C

Explanation

  1. It is the area under the supply curve: ∫03(4+3x2) dx=[4x+x3]03\int_0^{3}(4 + 3x^{2})\,dx = \left[4x + x^{3}\right]_0^{3}.

  2. 12+27=3912 + 27 = 39.

Worth noting

₹93 is what they actually receive, 31×331 \times 3.

Concept
The least sellers accept, as an area
Typical time
120 s
Your time
—
The rule this testsProducer surplus
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Ten questions from Consumer & Producer Surplus, at your own pace.

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