SOLUTION: The demand curve for a certain product is given by p(q)583-q^2. The supply curve is given by p(q)=1.2q^2. Find the producer surplus at equilibrium. The producer surplus at equi

Algebra ->  Trigonometry-basics -> SOLUTION: The demand curve for a certain product is given by p(q)583-q^2. The supply curve is given by p(q)=1.2q^2. Find the producer surplus at equilibrium. The producer surplus at equi      Log On


   

Question 1150265: The demand curve for a certain product is given by p(q)583-q^2. The supply curve is given by p(q)=1.2q^2. Find the producer surplus at equilibrium.
The producer surplus at equilibrium is ​$[]
Answer by MathLover1(20850) About Me  (Show Source):
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demand curve: p%28q%29=583-q%5E2
supply curve: p%28q%29=1.2q%5E2
The equilibrium point is where the supply and demand functions are equal.

583-q%5E2=1.2q%5E2
583=1.2q%5E2%2Bq%5E2
583=2.2q%5E2
q%5E2=583%2F2.2
q%5E2=265
q=sqrt%28265%29
q=16.28

The producer surplus at equilibrium is ​$16.28.