EduFarming
Your list · 0हिं

Type at least two letters. Press Esc to close.

↑↓ navigate↵ openTAB cycle filter

Consumer & Producer Surplus · Question 63 of 70

What is the producers' surplus in the chair market?

Question 63

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 producers' surplus in the chair market?

Options for question 63

Show the answer and explanation
CorrectNot quiteAnswer C

Correct answer: C

Explanation

  1. Makers receive 31×3=9331 \times 3 = 93.

  2. PS=93−39=54PS = 93 - 39 = 54.

Worth noting

₹81 subtracts only the 12 of the constant part, leaving out the x3x^{3} term.

Concept
Producers' 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