Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) byp = −0.2x² + 140and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) byp = 0.1x² + 4x + 70.If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.)consumer's surplus$100producer's surplus $ 250Need Help?Read ItWatch It Producers' Surplus The manufacturer of a brand of mattresses will make x hundred units available in the market when the unit price isp = 150 + 60e0.04xdollars.(a) Find the number of mattresses the manufacturer will make available in the market place if the unit price is set at $300/mattress. (Round your answer to the nearest integer.)23X mattresses(b) Use the result of part (a) to find the producers' surplus if the unit price is set at $300/mattress. (Round your answer to the nearest dollar.)$1035XNeed Help?Read ItWatch It

Answered: Image /qna-images/answer/ac1acb77-dfdf-48d1-84fb-95c1689c79c9.jpg

Answered: Consumers' and Producers' Surplus The…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Question

Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by
p = −0.2x² + 140
and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by
p = 0.1x² + 4x + 70.
If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.)
consumer's surplus
$100
producer's surplus $ 250
Need Help?
Read It
Watch It

Transcribed Image Text:Producers' Surplus The manufacturer of a brand of mattresses will make x hundred units available in the market when the unit price is p = 150 + 60e0.04x dollars. (a) Find the number of mattresses the manufacturer will make available in the market place if the unit price is set at $300/mattress. (Round your answer to the nearest integer.) 23 X mattresses (b) Use the result of part (a) to find the producers' surplus if the unit price is set at $300/mattress. (Round your answer to the nearest dollar.) $1035 X Need Help? Read It Watch It

Expert Solution