Solve the problem.
-Find the producer's surplus if the supply function is given by $S(x)=x^{2}+4 x+20$. Assume that supply and demand are in equilibrium at $x=24$.
A) 10,638
B) 10,368
C) 10,386
D) 10,836

Question

Quizplus · Accepted Answer

The producer's surplus is calculated as the area above the supply curve and below the equilibrium price. First, find the equilibrium price by substituting $x = 24$ into the supply function: $S(24) = 24^2 + 4(24) + 20 = 656$. The producer's surplus is the integral of the supply function from 0 to 24, subtracted from the total revenue at equilibrium (24 * 656). Calculating this gives a surplus of 10,368.

Solve the Problem S(x)=x2+4x+20S(x)=x^{2}+4 x+20S(x)=x2+4x+20 Assume That Supply and Demand Are in Equilibrium At Function

Solve the Problem $S(x)=x^{2}+4 x+20$ Assume That Supply and Demand Are in Equilibrium At Function