Homework Help: Math

Posted by Francesca on Friday, June 15, 2012 at 7:48am.

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

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