Answer to Question #223600 in Economics for EVELYN KUMA BEDIAK

Question

Suppose the supply function in a market is and the current market price is p* = 4. What is the producer surplus?
b) Demand function is given by
Find the interval of prices for which demand is positive.
Express total revenue TR = PQ as a function of price. When is total

Answer 1

Producer surplus: $Q^**(4-P\ when\ the\ supply\ equals\ 0)$

b) From P=0 to P when the demand Q equals 0.