Homework Help is Here – Start Your Trial Now!
Math
Calculus
Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indic your answers. 1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per watch is р dollars. a. What is the demand when the price is $2500? What is the supply when the price is $2500? b. Find the equilibrium quantity and the equilibrium price.

Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indic your answers. 1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per watch is р dollars. a. What is the demand when the price is $2500? What is the supply when the price is $2500? b. Find the equilibrium quantity and the equilibrium price.

Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
ChapterP: Prerequisites
SectionP.3: The Cartesian Plane And Graphs Of Equations
Problem 40E
See similar textbooks
icon
Related questions
Question
2. The daily revenue R achieved by selling x boxes of candy is given by R(x)=9.6x-0.04x². The daily cost C of producing x boxes of candy is given by C(x)=1.2x+272. How many boxes of candy must the company sell to maximize profit? What is the maximum profit? (Hint: First determine the profit function.)
Transcribed Image Text:2. The daily revenue R achieved by selling x boxes of candy is given by R(x)=9.6x-0.04x². The daily cost C of producing x boxes of candy is given by C(x)=1.2x+272. How many boxes of candy must the company sell to maximize profit? What is the maximum profit? (Hint: First determine the profit function.)
Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indicate your answers. 1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per watch is p dollars. a. What is the demand when the price is $2500? What is the supply when the price is $2500? b. Find the equilibrium quantity and the equilibrium price.
Transcribed Image Text:Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indicate your answers. 1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per watch is p dollars. a. What is the demand when the price is $2500? What is the supply when the price is $2500? b. Find the equilibrium quantity and the equilibrium price.
Expert Solution
steps

Step by step

Solved in 4 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS