Now, find the producer surplus. Producer surplus = = c = √6.1000 100 10 पी SA (price-supply function) dx 100 - +x) dx dx 100x (230) (130 + x) (100 - x) dx 7100 0 (in millions)
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- Consumers' Surplus The demand function for a certain brand of mattress is given by P = 300e where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded per month. (a) Find the number of mattresses demanded per month if the unit price is set at $200/mattress. (Round your answer to the nearest integer.) 1352 mattresses -0.03x (b) Use the results of part (a) to find the consumers' surplus if the selling price is set at $200 per mattress. (Round your answer to the nearest dollar.) $K- Suppose the revenue from producing (and selling) x units of a product is given by R(x)=7x-.01x² dollars. (a) Find the marginal revenue at a production level of 35. (b) Find the production levels where the revenue is $600. (a) The marginal revenue at a production level of 35 is dollars per unit. (b) The production levels where the revenue is $600 are (Use a comma to separate answers as needed.)The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r , where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus.
- I A consumer's Marshallian demand for y is given by gy(Pa, Py, I) = —— 3. The price of Py = good y is py 4 and the consumer's income is I = 15. What is ey,py, the consumer's own price elasticity of demand for y? (a) −15 (b) -5 (c) -5/12 (d) −1 (e) -15/16Consumers' Surplus It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = V361 - 7x dollars. Determine the consumers' surplus if the market price is set at $9/unit. (Round your answer to two decimal places.) %24 Need Help? Watch It Read ItMarginal cost is given by the function :- 2Q2 - 130 And the equilibrium quantity is 10 so calculate the marginal cost.
- Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. At what price should the firm sell its product to maximize its total revenue?It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = sqrt of 289 - 3x dollars. Determine the consumers' surplus if the market price is set at $14/unit. (Round your answer to two decimal places.) $
- The demand function for a certain kind of laptop is given by -0.04x p = 600e where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded each month. (a) Find the number of laptops demanded per month of the unit price is set at $500 per laptop. (b) Use the results of part (a) to find the consumers' surplus if the selling price is set at $500 per laptop.The quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $140. The quantity demanded each month is 1000 when the unit price is $110. The suppliers will market 750 espresso makers when the unit price is $76 or higher. At a unit price of $96, they are willing to market 2250 units. Both the supply and demand equations are known to be linear. (a) Find the demand equation. P = (b) Find the supply equation. p= (c) Find the equilibrium quantity and the equilibrium price. units $Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 -0.02x where x is the number of tapes that can be sold at $p per roll of tape. (d) If the current price changes by 10%, what will be the approximate percentage change in demand? (e) Find the price at which a percentage change in price produces the same percentage change in demand.