Suppose that a furniture manufacturer is willing to supply x office desks at a price p = S(x) = x² + 15x dollars each and has found that consumers are willing to buy x office desks at a price fo p = D(x) = 800 - 5x dollars each. a) Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts and the units on the axis. (clear label all the important parts) a.) Find Equilibrium price and quantity and label it on your graph. Price = Desks = b.) Shade in the region that represents Producers' Surplus (You must show me formula for PS with the integral used) You may Solve with the calculator. c.) Find the Consumers' Surplus (You must show me formula for CS with the integral used) You may Solve with the calculator.
Suppose that a furniture manufacturer is willing to supply x office desks at a price p = S(x) = x² + 15x dollars each and has found that consumers are willing to buy x office desks at a price fo p = D(x) = 800 - 5x dollars each. a) Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts and the units on the axis. (clear label all the important parts) a.) Find Equilibrium price and quantity and label it on your graph. Price = Desks = b.) Shade in the region that represents Producers' Surplus (You must show me formula for PS with the integral used) You may Solve with the calculator. c.) Find the Consumers' Surplus (You must show me formula for CS with the integral used) You may Solve with the calculator.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:6) Suppose that a furniture manufacturer is willing to supply x office desks at a
price p = S(x) = x² + 15x dollars each and has found that consumers are willing to buy x office
desks at a price fo p = D(x) = 800 - 5x dollars each.
a) Sketch the graphs of the supply and demand functions on the same axis. Label your y
intercepts and the units on the axis. (clear label all the important parts)
a.) Find Equilibrium price and quantity and label it on your graph.
Price =
Desks =
b.) Shade in the region that represents Producers' Surplus
(You must show me formula for PS with the integral used) You may Solve with the calculator.
c.) Find the Consumers' Surplus
(You must show me formula for CS with the integral used) You may Solve with the calculator.
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