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For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 90 X and the supply curve p = 50 + find the consumer surplus and the producer surplus. 10 consumer surplus $ producer surplus $ Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. P O 100 80 60 40 20 P 120 100 80 60 40 X 30 20 Producer Surplus Consumer Surplus 100 200 Producer Surplus 100 300 Consumer Surplus 200 300 X X 100 80 P 60 40 20 P 120 100 80 60 40 20 100 100 Consumer Surplus Producer Surplus 200 Consumer Surplus Producer Surplus 200 300 300 X

For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 90 X and the supply curve p = 50 + find the consumer surplus and the producer surplus. 10 consumer surplus $ producer surplus $ Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. P O 100 80 60 40 20 P 120 100 80 60 40 X 30 20 Producer Surplus Consumer Surplus 100 200 Producer Surplus 100 300 Consumer Surplus 200 300 X X 100 80 P 60 40 20 P 120 100 80 60 40 20 100 100 Consumer Surplus Producer Surplus 200 Consumer Surplus Producer Surplus 200 300 300 X

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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For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 90- and the supply curve p = 50+ X X find the consumer surplus and the producer surplus. 30 10 consumer surplus $ producer surplus $ Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. O P 100 80 60 40 20 P 120 100 80 60 40 20 Producer Surplus Consumer Surplus 100 200 Producer Surplus 100 300 Consumer Surplus 200 300 X 100 80 P 60 40 20 P 120 100 80 60 40 20 100 100 Consumer Surplus Producer Surplus 200 Consumer Surplus Producer Surplus 200 300 300 X
Transcribed Image Text:For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 90- and the supply curve p = 50+ X X find the consumer surplus and the producer surplus. 30 10 consumer surplus $ producer surplus $ Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. O P 100 80 60 40 20 P 120 100 80 60 40 20 Producer Surplus Consumer Surplus 100 200 Producer Surplus 100 300 Consumer Surplus 200 300 X 100 80 P 60 40 20 P 120 100 80 60 40 20 100 100 Consumer Surplus Producer Surplus 200 Consumer Surplus Producer Surplus 200 300 300 X
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