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ssume that supply and demand curves for some product are given by d(x) = a – 32² and s(x) = bæ? 2 points] Find the equilibrium price and equilibrium quantity as functions of a and b. 3 points] Compute the total differential of the equilibrium price for small changes in a and b. 3 points] Assume that currently a = 500 and b = 10. Using the total differential from 2(b), by how much does the equilibrium price change approximate if a and b change to 505 and 6, respectively?

ssume that supply and demand curves for some product are given by d(x) = a – 32² and s(x) = bæ? 2 points] Find the equilibrium price and equilibrium quantity as functions of a and b. 3 points] Compute the total differential of the equilibrium price for small changes in a and b. 3 points] Assume that currently a = 500 and b = 10. Using the total differential from 2(b), by how much does the equilibrium price change approximate if a and b change to 505 and 6, respectively?

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Assume that supply and demand curves for some product are given by d(x) = a – 3x² and s(x) = bx? [2 points] Find the equilibrium price and equilibrium quantity as functions of a and b. [3 points] Compute the total differential of the equilibrium price for small changes in a and b. [3 points] Assume that currently a = 500 and b=10. Using the total differential from 2(b), by how much does the equilibrium price change approximate if a and bchange to 505 and 6, respectively?
Transcribed Image Text:Assume that supply and demand curves for some product are given by d(x) = a – 3x² and s(x) = bx? [2 points] Find the equilibrium price and equilibrium quantity as functions of a and b. [3 points] Compute the total differential of the equilibrium price for small changes in a and b. [3 points] Assume that currently a = 500 and b=10. Using the total differential from 2(b), by how much does the equilibrium price change approximate if a and bchange to 505 and 6, respectively?
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