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"Calculus and its applications: 5.1" - An economics applications-consumer surplus and producer surplus have objective: given demand and supply functions, find the consumer surplus and the producer surplus at the equilibrium point. | 2012 Pearson Education, Inc. All rights reserved Slide 5.1- An Economics Applications: Consumer Surplus and Producer Surplus OBJECTIVE Given demand and supply functions, find the consumer surplus and the producer surplus at the equilibrium point. 2012 Pearson Education, Inc. All rights reserved Slide 5.1- DEFINITION: Suppose that p = D(x) describes the demand function for a commodity. Then, the consumer surplus is defined for the point (Q, P) as 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- Example 1: Find the consumer surplus for the demand function given by When x = 3, we have Then, 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- Example 1 (concluded): 5.1 An Economics Application: Consumer Surplus and Producer Surplus p. 453, formula 12, there is no “+C” 2012 Pearson Education, Inc. All rights reserved Slide 5.1- 5.1 An Economics Application: Consumer Surplus and Producer Surplus Quick Check 1 Find the consumer surplus for the demand function given by 2012 Pearson Education, Inc. All rights reserved Slide 5.1- DEFINITION: Suppose that p = S(x) is the supply function for a commodity. Then, the producer surplus is defined for the point (Q, P) as 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- Example 2: Find the producer surplus for When x = 3, Then, 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- Example 2 (continued): 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- 5.1 An Economics Application: Consumer Surplus and Producer Surplus Quick Check 2 Find the producer surplus for 2012 Pearson Education, Inc. All . | 2012 Pearson Education, Inc. All rights reserved Slide 5.1- An Economics Applications: Consumer Surplus and Producer Surplus OBJECTIVE Given demand and supply functions, find the consumer surplus and the producer surplus at the equilibrium point. 2012 Pearson Education, Inc. All rights reserved Slide 5.1- DEFINITION: Suppose that p = D(x) describes the demand function for a commodity. Then, the consumer surplus is defined for the point (Q, P) as 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- Example 1: Find the consumer surplus for the demand function given by When x = 3, we have Then, 5.1 An Economics Application: Consumer Surplus and Producer Surplus 2012 Pearson Education, Inc. All rights reserved Slide 5.1- Example 1 (concluded): 5.1 An Economics Application: Consumer Surplus and Producer Surplus p. 453, formula 12, there is no “+C” 2012 Pearson Education, Inc. All rights .
