1.) Find the producers' surplus if the supply function is: S(q) = q^7/2+3q^5/2 + 54. Assume the supply and demand are in equilibrium at q= 25.
2.) S(q) = q^2 + 12q and D(q) = 900 - 18q - q^2
The point at which the supply and demand are equilibrium is (15, 405).
a.) Find the consumers' surplus
b.) Find the producers' surplus