The demand and supply functions for a particular commodity are D(x) = 80e-0.001x andS(x)= 30e0.001r , where x is the number of units of the product, D(x) is the pricethat results in a consumer demand of x units and S(x) is the price that results in aproducer supply of x units.a. Find the equilibrium point using your calculator and identify the equilibrium unitsand price. Give your answers to the nearest whole unit and nearest dollar.The value of x at equilibrium isunits.The value of p at equilibrium isb. Determine the consumers' surplus.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The food and feed demand curves used in the Application "Summing the Corn Demand Curves," were estimated by McPhail and Babcock (2012) to be Qfood = 1,487-22.1p and Qfeed = 6,247.5-226.7p, respectively, where Q is measured in billions of bushels of corn per year. Mathematically derive the total demand curve, which the application's figure illustrates. (Hint: Remember that the demand curve for feed is zero at prices above about $27.56 per bushel.) The total demand curve is (enter your responses rounded to one decimal place): Q=-p for p≥ $27.56 per bushel and Q = -p for p <$27.56 per bushel.
Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if the price of a gallon of gasoline is $1.70? A) 100K gallons B) 140K gallons C) 236K gallons D) 308K gallons
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Assuming an increase in Demant and decrease in Supply, which of the following statements is TRUE? The price of the good will decrease. The quantity of the good will definitely decrease. The price of this good will definitely increase. There will be a permanent shortage of this good. The new equilibrium quantity may increase, decrease, or stay the same. A surplus of this good will result from these changes in Supply and Demand. What new equiLibrium quantity will result depends on the relative magnitude of the changes and the shapes of the Demand and Supply curves. We cannot determine what will happen to price.
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