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14) Let D(x) = (x - 7)² be the price, in dollars per dozen units, that consumers are willing to pay for x dozen units of an item, and let S(x) units, that producers are willing to accept for x dozen units. Assumes7. = x +x + 4 be the price, in dollars per dozen a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium noint

14) Let D(x) = (x - 7)² be the price, in dollars per dozen units, that consumers are willing to pay for x dozen units of an item, and let S(x) units, that producers are willing to accept for x dozen units. Assumes7. = x +x + 4 be the price, in dollars per dozen a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium noint

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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14) Let D(x) = (x – 7)² be the price, in dollars per dozen units, that consumers are willing to pay for x dozen units of an item, and let S(x) units, that producers are willing to accept for x dozen units. Assume <7. x2 + x + 4 be the price, in dollars per dozen a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point. d) A price floor of $20 is imposed. Find the point at the price floor. e) Find the new consumer surplus. f) Find the new producer surplus. g) Find the deadweight loss.
Transcribed Image Text:14) Let D(x) = (x – 7)² be the price, in dollars per dozen units, that consumers are willing to pay for x dozen units of an item, and let S(x) units, that producers are willing to accept for x dozen units. Assume <7. x2 + x + 4 be the price, in dollars per dozen a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point. d) A price floor of $20 is imposed. Find the point at the price floor. e) Find the new consumer surplus. f) Find the new producer surplus. g) Find the deadweight loss.
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