Demand for apartments in a certain town is D(x) = 1000-3x, and the supply isS(X) = 400 + 9x, where x is the number of apartments, in hundreds, and D(x)and S(x) are the rent in dollars per month, per apartment.a) Find the equilibrium point.b) Find the consumer surplus and producer surplus.c) Suppose a maximum rent of $634 per month is imposed by the towncouncil. Find the point (Xc, Pc).d) Find the new consumer surplus and new producer surplus.e) Find the deadweight loss.Find the equilibrium point.(50,850)(Type an ordered pair.)b) Find the consumer surplus.3750 dollar(s)Find the producer surplus.31250 dollar(s)1 d) Find the new consumer surplus.dollar(s)(Type an integer or decimal rounded to two decimal places as needed.)Find the new producer surplus.dollar(s)(Type an integer or decimal rounded to two decimal places as needed.)e) Find the deadweight loss.dollar(s)

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Answered: Demand for apartments in a certain town…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The demand function P D(x)=-0.3x+33 and the total cost function C)=1.2x +9.2x+ 65 for a particular commodity are given in terms of the level of production X. a. Find the revenue R(x) and profit P(x). b. Find all values of x for which production of the commodity is profitable. a. R(x) =-0.3x + 33x; P(x) = 1.5x- - 23.8x + 65 b. x > 3.51 a. R(x) = -0.3x2 + 33; P(x) = 1.5x2 - 23.8x + 65 b. 3.51 3.51 a. R(x) = -0.3x2 b. 3.51
The demand function for a product is given by the linearly decreasing equation p(x)=a−bx, and the total cost of producing x units is expressed by the linearly increasing equation C(x)=c+dx, where a,b,c,d are positive numbers and a>d. Find the price that maximizes the profit.
A particular notebook computer has a price/demand function of p(n) = 1200 – 36n dollars, where n is the number in thousands of computers sold in the market. The manufacturer's fixed cost of operations is 4,400 dollars while the variable cost of production 140 per computer. In the previous notebook computer problem, what is the profitable range of production? O1. Between 5000 and 24444 computers O II. Between 5444 and 24000 computers II. Between 5454 and 24040 computers O V. Between 5000 and 25000 computers In the previous notebook computer problem, at what level of sales does maximum revenue occur? O1. 16667 computers O II. 16000 computers O II. 17000 computers O V. 16335 computers In the previous notebook computer problem, at what level of sales does maximum profit occur? O1. 15622 computers O II. 14000 computers O I. 16667 computers O V.14722 computers
tion 18 Find the producers' surplus for the supply curve p = 0.02x + 7 at x = 100. $800 $100 O $200 O $900 • Previous
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6. The monthly supply and demand functions for extra fancy green tea are: Supply function: q= 5p- 74 Demand function: q -4p+70 %3D where p price per pound (in dollars), and hundreds of pounds sold at price p. (a Find the equilibrium price. (b How many pounds of green tea are sold at this price?
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Currently, the hottest-selling item at OHaganBooks.com is Mensa for Dummies, with a demand curve of q = 80,000(28 − p)1/3 books per week and a supply curve of q = 160,000(p − 19)1/3 books per week where p is the price in dollars. (a) Find the equilibrium price p and demand q. (b)Find the consumers' and producers' surpluses at the equilibrium price.
D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. D(x) = e X+2 S(x) = e x-6 a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point. a) What are the coordinates of the equilibrium point? (Type an ordered pair. Round each coordinate to the nearest hundredth as needed. Do not include the $ symbol in your answer)

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