Question - The supply and demand curves for a given commodity are given by S(p) = 0.02(1 + p)2 and D(p) = 10e-0.02 p where S(p) and D(p) are quantities and the price p is measured in dollars.
Use the Malaren's series expansion to estimate the demand curve by a quadratic function.
Hence find the equilibrium price and quantity.
Find either the consumer's surplus or the producer's surplus.