1 answer

Question 23 1 pts The blueberry industry has 5 identical firms each of which has a...

Question:

Question 23 1 pts The blueberry industry has 5 identical firms each of which has a supply curve given by the following, p = 1

Question 23 1 pts The blueberry industry has 5 identical firms each of which has a supply curve given by the following, p = 10+q. If the market demand curve is given by p = 106 - Q what is the value of producer surplus at the market equilibrium? 0 640. O 1152. 01280. 0 3200. 0 3840.

Answers

Individual SS curve:

P = 10 + q

q = P - 10

Since, there are 5 firms.

So, industry output Q = 5q

where q = individual firm output

Market Supply:

Q = 5(P - 10)

Q = 5P - 50

at equilibrium,

DD = SS

5P - 50 = 106 - P

6P = 156

P = 26

Q = 106 - 26

Q = 80

Producer Surplus = Area of shaded region

= 0.5 * (26-10) * 80

= 640

Hence, 1st option is correct

Ss; Q = 5р - 10 PP: P= 106- @ Гео | 106 | (06 106 А ФР Во е от

.

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