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Consider the market for the trusty widget (the most common good in the world if economics textbooks are to be believed). Assume that the market is perfectly competitive. Suppose the inverse market supply curve is given as:
P = 10 + 0.5QS
And that the inverse market demand curve is:
P = 22 - 2.5Qd
A) Find the market equilibrium price, PE, and the market equilibrium quantity, QE. Why is this price and quantity considered efficient?
B) Determine the value of the producer surplus and consumer surplus at equilibrium.
C) Find the total surplus, but this time use integration from 0 to QE to solve for this solution. Show that this is equivalent to the sum of CS and PS you found in Part (B).
Price/Feeder Quantity Demanded Quantity Supplied $300 500 1800 270 600 1700 240 700 1600 210 800 1500 180 1000 1400 150 1100 1300 120 1200 1200 90 1300 1100 60 1400 1000 30 1500 90
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