D(x) = 960 25x is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) = 150 + 20x is the price, in dollars per unit, that producers are willing to accept for x units of an item. Find: The equilibrium quantity: The equilibrium price: The consumer surplus at the equilibrium point: The producer surplus at the equilibrium point:

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter3: Functions
Section3.2: Domain And Range
Problem 61SE: The cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is...
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D(x) = 960 25x is the price, in dollars per unit, that consumers are willing to pay for x units of an
item, and S(x) = 150 + 20x is the price, in dollars per unit, that producers are willing to accept for x
units of an item. Find:
The equilibrium quantity:
The equilibrium price:
The consumer surplus at the equilibrium point:
The producer surplus at the equilibrium point:
Transcribed Image Text:D(x) = 960 25x is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) = 150 + 20x is the price, in dollars per unit, that producers are willing to accept for x units of an item. Find: The equilibrium quantity: The equilibrium price: The consumer surplus at the equilibrium point: The producer surplus at the equilibrium point:
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D(x) = 960 25x is the price, in dollars per unit, that consumers are willing to pay for x units of an
item, and S(x) = 150 + 20x is the price, in dollars per unit, that producers are willing to accept for x
units of an item. Find:
The equilibrium quantity: 18
The equilibrium price: 510
The consumer surplus at the equilibrium point: 114750
The producer surplus at the equilibrium point: 91800
X
X
Transcribed Image Text:D(x) = 960 25x is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) = 150 + 20x is the price, in dollars per unit, that producers are willing to accept for x units of an item. Find: The equilibrium quantity: 18 The equilibrium price: 510 The consumer surplus at the equilibrium point: 114750 The producer surplus at the equilibrium point: 91800 X X
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