The supply curve for a particular product is p = 8 + 2q^2. Calculate the producer surplus if the equilibrium quantity is q\ast = 6. The demand curve for a product is given by q = 160 - 2p, and the supply curve is given by q = ...
These are reasonable values for a low-priced high volume differentiated product; for example, a calculator, a book, or a box of chocolates. Using these parameter values, the monopoly quantity is 𝑎−𝑐2𝑏a−c2b = 85,000 units, the monopoly price is 𝑎+𝑐2a+c2 = $16.50, and...