Surpluses at the equilibrium position, Econometrics

The inverse demand and supply functions for a product are given as:

2438_123.png


 where P  is  price, Q  is  quantity  and  the  subscripts  d  and  show demand and supply, respectively.
 
(a)  Determine the equilibrium price and quantity.

(b)  Using the definite integral, calculate the consumer and producer surpluses at the equilibrium position.

(c)  Give your answers to part (a) and (b) on an appropriate diagram.

 

Posted Date: 3/25/2013 5:25:33 AM | Location : United States







Related Discussions:- Surpluses at the equilibrium position, Assignment Help, Ask Question on Surpluses at the equilibrium position, Get Answer, Expert's Help, Surpluses at the equilibrium position Discussions

Write discussion on Surpluses at the equilibrium position
Your posts are moderated
Related Questions
a) Design a simple econometric project to identify the factors that affect the demand for a good or service of your preference. Estimate the significance of these factors using mu


Explain the difference among the usual (product moment) correlation and rank correlation. In what situations is it more appropriate to use rank correlation?

what is the importance of price


An electron follows a helical path in a uniform magnetic field of magnitude 0.422T. The pitch of the path is 6.81 mm, and the magnitude force on the electron is 1.59 x 10 -15 N. W


I have a few econometric that require the use of R to generate the answer

Question 1: Explain the main drivers of globalisation and ascertain whether they have helped to reduce the gap between the rich and the poor countries. Question 2: Disc