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In each of Exercises 1-14, 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. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point.

In each of Exercises 1-14, 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. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point.

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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In each of Exercises 1–14, 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. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point.
Transcribed Image Text:In each of Exercises 1–14, 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. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point.
**Demand and Supply Functions** - **Demand Function:** \( D(x) = 8800 - 30x \) - **Supply Function:** \( S(x) = 7000 + 15x \) These equations represent the demand and supply functions in a market, where \( x \) is the quantity of goods. The demand function \( D(x) \) indicates that as the quantity \( x \) increases, the demand decreases. Conversely, the supply function \( S(x) \) shows that as the quantity \( x \) increases, the supply also increases.
Transcribed Image Text:**Demand and Supply Functions** - **Demand Function:** \( D(x) = 8800 - 30x \) - **Supply Function:** \( S(x) = 7000 + 15x \) These equations represent the demand and supply functions in a market, where \( x \) is the quantity of goods. The demand function \( D(x) \) indicates that as the quantity \( x \) increases, the demand decreases. Conversely, the supply function \( S(x) \) shows that as the quantity \( x \) increases, the supply also increases.
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