Finite Mathematics and Calculus with Applications (10th Edition)
Finite Mathematics and Calculus with Applications (10th Edition)
10th Edition
ISBN: 9780321979407
Author: Margaret L. Lial, Raymond N. Greenwell, Nathan P. Ritchey
Publisher: PEARSON
bartleby

Concept explainers

Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…
bartleby

Videos

Textbook Question
Book Icon
Chapter 15.5, Problem 37E

Consumers’ and Producers’ Surplus Suppose that with the supply and demand for oil as in Exercise 35, the government sets the price at $264 per unit.

(a)    Use the supply function to calculate the quantity that will be produced at the new price.

(b)    Find the consumers’ surplus for the new price, using the quantity found in part (a) in place of the equilibrium quantity. How much larger is this than the consumers’ surplus in Exercise 35?

(c)    Find the producers’ surplus for the new price, using the quantity found in part (a) in place of the equilibrium quantity. How much smaller is this than the producers’ surplus in Exercise 35?

(d)    Calculate the difference between the total of the consumers’ and producers’ surplus under the equilibrium price and under the government price. Economists refer to this loss as the welfare cost of the government’s setting the price.

(e)    Because of the welfare cost calculated in part (d), many economists argue that it is bad economics for the government to set prices. Others point to the increase in the consumers’ surplus, calculated in part (b), as a justification for such government action. Discuss the pros and cons of this issue.

35.    Consumers’ and Producers’ Surplus Suppose the supply function for oil is given (in dollars) by

     S ( q ) = q 2 + 10 q ,

and the demand function is given (in dollars) by

     D ( q ) = 900 − 20 q − q 2 .

(a)    Graph the supply and demand curves.

(b)    Find the point at which supply and demand are in equilibrium.

(c)    Find the consumers’ surplus.

(d)    Find the producers’ surplus.

Expert Solution & Answer
Check Mark

Want to see the full answer?

Check out a sample textbook solution
Blurred answer
Previous
Chapter 15.5, Problem 36E
Next
Chapter 15.5, Problem 38E

Chapter 15 Solutions

Finite Mathematics and Calculus with Applications (10th Edition)

Ch. 15.1 - Find an antiderivative f(x)=8x7.Ch. 15.1 - Find 1t4dt.Ch. 15.1 - Find (6x2+8x9)dx.Ch. 15.1 - Find x32xdx.Ch. 15.1 - Find (3x+e3x)dx.Ch. 15.1 - Repeat Example 11(b) and 11(c) for the Burj...Ch. 15.1 - Prob. 7YTCh. 15.1 - Find the derivative of the following functions....Ch. 15.1 - Find the derivative of the following functions....Ch. 15.1 - Prob. 1E
Ch. 15.1 - Prob. 2ECh. 15.1 - Prob. 3ECh. 15.1 - Prob. 4ECh. 15.1 - Prob. 5ECh. 15.1 - Prob. 6ECh. 15.1 - Prob. 7ECh. 15.1 - Prob. 8ECh. 15.1 - Prob. 9ECh. 15.1 - Prob. 10ECh. 15.1 - Prob. 11ECh. 15.1 - Prob. 12ECh. 15.1 - Prob. 13ECh. 15.1 - Prob. 14ECh. 15.1 - Prob. 15ECh. 15.1 - Prob. 16ECh. 15.1 - Prob. 17ECh. 15.1 - Prob. 18ECh. 15.1 - Prob. 19ECh. 15.1 - Prob. 20ECh. 15.1 - Prob. 21ECh. 15.1 - Prob. 22ECh. 15.1 - Prob. 23ECh. 15.1 - Prob. 24ECh. 15.1 - Prob. 25ECh. 15.1 - Prob. 26ECh. 15.1 - Prob. 27ECh. 15.1 - Prob. 28ECh. 15.1 - Prob. 29ECh. 15.1 - Prob. 30ECh. 15.1 - Prob. 31ECh. 15.1 - Prob. 32ECh. 15.1 - Prob. 33ECh. 15.1 - Prob. 34ECh. 15.1 - Prob. 35ECh. 15.1 - Prob. 36ECh. 15.1 - Prob. 37ECh. 15.1 - Prob. 38ECh. 15.1 - Prob. 39ECh. 15.1 - Prob. 40ECh. 15.1 - Prob. 41ECh. 15.1 - Prob. 42ECh. 15.1 - Prob. 43ECh. 15.1 - Prob. 44ECh. 15.1 - APPLICATIONS Business and Economics Cost Find the...Ch. 15.1 - Prob. 46ECh. 15.1 - Prob. 47ECh. 15.1 - Cost Find the cost function for each marginal cost...Ch. 15.1 - Prob. 49ECh. 15.1 - Prob. 50ECh. 15.1 - Prob. 51ECh. 15.1 - Prob. 52ECh. 15.1 - Prob. 53ECh. 15.1 - Prob. 54ECh. 15.1 - Prob. 55ECh. 15.1 - Prob. 56ECh. 15.1 - Prob. 57ECh. 15.1 - Prob. 58ECh. 15.1 - Prob. 59ECh. 15.1 - Prob. 60ECh. 15.1 - Prob. 61ECh. 15.1 - Prob. 62ECh. 15.1 - Cell Growth Under certain conditions, the number...Ch. 15.1 - Prob. 64ECh. 15.1 - Prob. 65ECh. 15.1 - Prob. 66ECh. 15.1 - Prob. 67ECh. 15.1 - Prob. 68ECh. 15.1 - Prob. 69ECh. 15.1 - Prob. 70ECh. 15.1 - Prob. 71ECh. 15.1 - Prob. 72ECh. 15.1 - Prob. 73ECh. 15.1 - Prob. 74ECh. 15.2 - Prob. 1YTCh. 15.2 - Prob. 2YTCh. 15.2 - Prob. 3YTCh. 15.2 - Prob. 4YTCh. 15.2 - Prob. 5YTCh. 15.2 - Prob. 6YTCh. 15.2 - Prob. 1WECh. 15.2 - Prob. 2WECh. 15.2 - Prob. 3WECh. 15.2 - Prob. 1ECh. 15.2 - Prob. 2ECh. 15.2 - Prob. 3ECh. 15.2 - Prob. 4ECh. 15.2 - Prob. 5ECh. 15.2 - Prob. 6ECh. 15.2 - Prob. 7ECh. 15.2 - Prob. 8ECh. 15.2 - Prob. 9ECh. 15.2 - Prob. 10ECh. 15.2 - Prob. 11ECh. 15.2 - Prob. 12ECh. 15.2 - Prob. 13ECh. 15.2 - Prob. 14ECh. 15.2 - Prob. 15ECh. 15.2 - Prob. 16ECh. 15.2 - Prob. 17ECh. 15.2 - Prob. 18ECh. 15.2 - Prob. 19ECh. 15.2 - Prob. 20ECh. 15.2 - Prob. 21ECh. 15.2 - Prob. 22ECh. 15.2 - Prob. 23ECh. 15.2 - Prob. 24ECh. 15.2 - Prob. 25ECh. 15.2 - Prob. 26ECh. 15.2 - Prob. 27ECh. 15.2 - Prob. 28ECh. 15.2 - Prob. 29ECh. 15.2 - Prob. 30ECh. 15.2 - Prob. 31ECh. 15.2 - Prob. 32ECh. 15.2 - Prob. 33ECh. 15.2 - Prob. 34ECh. 15.2 - Prob. 35ECh. 15.2 - Prob. 36ECh. 15.2 - Prob. 37ECh. 15.2 - Prob. 38ECh. 15.2 - Prob. 39ECh. 15.2 - Prob. 40ECh. 15.2 - Prob. 41ECh. 15.2 - Prob. 42ECh. 15.2 - Prob. 43ECh. 15.2 - Prob. 44ECh. 15.2 - Prob. 45ECh. 15.2 - Prob. 46ECh. 15.3 - Prob. 1YTCh. 15.3 - Prob. 2YTCh. 15.3 - Prob. 1ECh. 15.3 - Prob. 2ECh. 15.3 - Prob. 3ECh. 15.3 - Prob. 4ECh. 15.3 - Prob. 5ECh. 15.3 - In Exercises 512, approximate the area under the...Ch. 15.3 - Prob. 7ECh. 15.3 - In Exercises 512, approximate the area under the...Ch. 15.3 - Prob. 9ECh. 15.3 - Prob. 10ECh. 15.3 - Prob. 11ECh. 15.3 - Prob. 12ECh. 15.3 - Prob. 13ECh. 15.3 - Prob. 14ECh. 15.3 - Prob. 15ECh. 15.3 - Prob. 16ECh. 15.3 - Prob. 17ECh. 15.3 - Prob. 18ECh. 15.3 - Prob. 19ECh. 15.3 - Prob. 20ECh. 15.3 - Prob. 21ECh. 15.3 - Prob. 22ECh. 15.3 - Prob. 24ECh. 15.3 - Prob. 25ECh. 15.3 - Prob. 26ECh. 15.3 - Prob. 27ECh. 15.3 - Prob. 28ECh. 15.3 - Prob. 29ECh. 15.3 - Prob. 30ECh. 15.3 - Prob. 31ECh. 15.3 - Prob. 32ECh. 15.3 - Prob. 33ECh. 15.3 - Prob. 34ECh. 15.3 - Prob. 35ECh. 15.3 - Prob. 36ECh. 15.3 - Prob. 37ECh. 15.3 - Prob. 38ECh. 15.3 - Prob. 39ECh. 15.3 - Prob. 40ECh. 15.4 - Prob. 1YTCh. 15.4 - Prob. 2YTCh. 15.4 - Prob. 3YTCh. 15.4 - Prob. 4YTCh. 15.4 - Prob. 5YTCh. 15.4 - Prob. 1WECh. 15.4 - Prob. 2WECh. 15.4 - Prob. 3WECh. 15.4 - Prob. 1ECh. 15.4 - Prob. 2ECh. 15.4 - Prob. 3ECh. 15.4 - Prob. 4ECh. 15.4 - Prob. 5ECh. 15.4 - Prob. 6ECh. 15.4 - Prob. 7ECh. 15.4 - Prob. 8ECh. 15.4 - Prob. 9ECh. 15.4 - Prob. 10ECh. 15.4 - Prob. 11ECh. 15.4 - Prob. 12ECh. 15.4 - Prob. 13ECh. 15.4 - Prob. 14ECh. 15.4 - Prob. 15ECh. 15.4 - Prob. 16ECh. 15.4 - Prob. 17ECh. 15.4 - Prob. 18ECh. 15.4 - Prob. 19ECh. 15.4 - Prob. 20ECh. 15.4 - Prob. 21ECh. 15.4 - Prob. 22ECh. 15.4 - Prob. 23ECh. 15.4 - Prob. 24ECh. 15.4 - Prob. 25ECh. 15.4 - Prob. 26ECh. 15.4 - Prob. 27ECh. 15.4 - Prob. 28ECh. 15.4 - Prob. 29ECh. 15.4 - Prob. 30ECh. 15.4 - Prob. 31ECh. 15.4 - Prob. 32ECh. 15.4 - Prob. 33ECh. 15.4 - Prob. 34ECh. 15.4 - Prob. 35ECh. 15.4 - Prob. 36ECh. 15.4 - Prob. 37ECh. 15.4 - Prob. 38ECh. 15.4 - Prob. 39ECh. 15.4 - Prob. 40ECh. 15.4 - Prob. 41ECh. 15.4 - Prob. 42ECh. 15.4 - Prob. 43ECh. 15.4 - Prob. 44ECh. 15.4 - Prob. 45ECh. 15.4 - Prob. 46ECh. 15.4 - Prob. 47ECh. 15.4 - Prob. 48ECh. 15.4 - Prob. 49ECh. 15.4 - Prob. 50ECh. 15.4 - Prob. 51ECh. 15.4 - Prob. 52ECh. 15.4 - Prob. 53ECh. 15.4 - Prob. 54ECh. 15.4 - Prob. 55ECh. 15.4 - Prob. 56ECh. 15.4 - Prob. 57ECh. 15.4 - Prob. 58ECh. 15.4 - Prob. 59ECh. 15.4 - Prob. 60ECh. 15.4 - Prob. 61ECh. 15.4 - Prob. 62ECh. 15.4 - Prob. 63ECh. 15.4 - Prob. 64ECh. 15.4 - Prob. 65ECh. 15.4 - Prob. 66ECh. 15.4 - Beagles The daily energy requirements of female...Ch. 15.4 - Prob. 68ECh. 15.4 - Prob. 69ECh. 15.4 - Prob. 70ECh. 15.4 - Prob. 71ECh. 15.4 - Prob. 72ECh. 15.5 - Repeat Example 1 for f(x) = 4 x2, g(x) = x + 2, x...Ch. 15.5 - Prob. 2YTCh. 15.5 - Repeat Example 3 for y = x2 3x and y = 2x on [0,...Ch. 15.5 - Prob. 4YTCh. 15.5 - Evaluate each of the following integrals....Ch. 15.5 - Prob. 2WECh. 15.5 - Prob. 1ECh. 15.5 - Prob. 2ECh. 15.5 - Prob. 3ECh. 15.5 - Prob. 4ECh. 15.5 - Prob. 5ECh. 15.5 - Prob. 6ECh. 15.5 - Prob. 7ECh. 15.5 - Prob. 8ECh. 15.5 - Prob. 9ECh. 15.5 - Prob. 10ECh. 15.5 - Prob. 11ECh. 15.5 - Prob. 12ECh. 15.5 - Prob. 13ECh. 15.5 - Prob. 14ECh. 15.5 - Prob. 15ECh. 15.5 - Prob. 16ECh. 15.5 - Prob. 17ECh. 15.5 - Prob. 18ECh. 15.5 - Prob. 19ECh. 15.5 - Prob. 20ECh. 15.5 - Prob. 21ECh. 15.5 - Prob. 22ECh. 15.5 - Prob. 23ECh. 15.5 - Prob. 24ECh. 15.5 - Prob. 25ECh. 15.5 - Prob. 26ECh. 15.5 - Prob. 27ECh. 15.5 - Prob. 28ECh. 15.5 - Prob. 29ECh. 15.5 - Prob. 30ECh. 15.5 - Prob. 31ECh. 15.5 - Prob. 32ECh. 15.5 - Consumers Surplus Find the consumers surplus if...Ch. 15.5 - Prob. 34ECh. 15.5 - Consumers and Producers Surplus Suppose the supply...Ch. 15.5 - Consumers and Producers Surplus Suppose the supply...Ch. 15.5 - Consumers and Producers Surplus Suppose that with...Ch. 15.5 - Prob. 38ECh. 15.5 - Prob. 39ECh. 15.5 - Prob. 40ECh. 15.5 - Prob. 41ECh. 15.5 - Prob. 42ECh. 15.6 - Prob. 1YTCh. 15.6 - Prob. 2YTCh. 15.6 - Prob. 1ECh. 15.6 - Prob. 2ECh. 15.6 - Prob. 3ECh. 15.6 - Prob. 4ECh. 15.6 - Prob. 5ECh. 15.6 - Prob. 6ECh. 15.6 - Prob. 7ECh. 15.6 - Prob. 8ECh. 15.6 - Prob. 9ECh. 15.6 - Prob. 10ECh. 15.6 - Prob. 11ECh. 15.6 - Prob. 12ECh. 15.6 - Prob. 13ECh. 15.6 - Prob. 14ECh. 15.6 - Exercises 1518 require both the trapezoidal rule...Ch. 15.6 - Prob. 16ECh. 15.6 - Prob. 17ECh. 15.6 - Prob. 18ECh. 15.6 - Prob. 19ECh. 15.6 - Prob. 20ECh. 15.6 - Prob. 21ECh. 15.6 - Prob. 22ECh. 15.6 - Prob. 23ECh. 15.6 - Prob. 24ECh. 15.6 - Prob. 25ECh. 15.6 - Prob. 26ECh. 15.6 - Prob. 27ECh. 15.6 - Prob. 28ECh. 15.6 - Prob. 29ECh. 15.6 - Prob. 30ECh. 15.6 - Prob. 31ECh. 15.6 - Prob. 32ECh. 15.6 - Prob. 33ECh. 15.6 - Prob. 34ECh. 15.6 - Prob. 35ECh. 15 - Determine whether each of the following statements...Ch. 15 - Prob. 2RECh. 15 - Prob. 3RECh. 15 - Prob. 4RECh. 15 - Determine whether each of the following statements...Ch. 15 - Prob. 6RECh. 15 - Prob. 7RECh. 15 - Prob. 8RECh. 15 - Prob. 9RECh. 15 - Prob. 10RECh. 15 - Prob. 11RECh. 15 - Prob. 12RECh. 15 - Prob. 13RECh. 15 - Prob. 14RECh. 15 - Prob. 15RECh. 15 - Prob. 16RECh. 15 - Prob. 17RECh. 15 - Prob. 18RECh. 15 - Prob. 19RECh. 15 - Prob. 20RECh. 15 - Prob. 21RECh. 15 - Prob. 22RECh. 15 - Prob. 23RECh. 15 - Prob. 24RECh. 15 - Prob. 25RECh. 15 - Prob. 26RECh. 15 - Prob. 27RECh. 15 - Prob. 28RECh. 15 - Prob. 29RECh. 15 - Prob. 30RECh. 15 - Prob. 31RECh. 15 - Prob. 32RECh. 15 - Prob. 33RECh. 15 - Prob. 34RECh. 15 - Prob. 35RECh. 15 - Prob. 36RECh. 15 - Prob. 37RECh. 15 - Prob. 38RECh. 15 - Prob. 39RECh. 15 - Prob. 40RECh. 15 - Prob. 41RECh. 15 - Prob. 42RECh. 15 - Prob. 43RECh. 15 - Prob. 44RECh. 15 - Prob. 45RECh. 15 - Prob. 46RECh. 15 - Prob. 47RECh. 15 - Prob. 48RECh. 15 - Prob. 49RECh. 15 - Prob. 50RECh. 15 - Prob. 51RECh. 15 - Prob. 52RECh. 15 - Prob. 53RECh. 15 - Prob. 54RECh. 15 - Prob. 55RECh. 15 - Prob. 56RECh. 15 - Prob. 57RECh. 15 - Prob. 58RECh. 15 - Prob. 59RECh. 15 - Prob. 60RECh. 15 - Prob. 61RECh. 15 - Prob. 62RECh. 15 - Prob. 63RECh. 15 - Prob. 64RECh. 15 - Prob. 65RECh. 15 - Prob. 66RECh. 15 - Prob. 67RECh. 15 - Prob. 68RECh. 15 - Prob. 69RECh. 15 - Prob. 70RECh. 15 - Prob. 71RECh. 15 - Prob. 72RECh. 15 - Prob. 73RECh. 15 - Prob. 74RECh. 15 - Prob. 75RECh. 15 - Prob. 76RECh. 15 - Prob. 77RECh. 15 - Prob. 78RECh. 15 - Prob. 79RECh. 15 - Prob. 80RECh. 15 - Prob. 81RECh. 15 - Prob. 82RECh. 15 - Sales The rate of change of sales of a new brand...Ch. 15 - Prob. 84RECh. 15 - Prob. 85RECh. 15 - Prob. 86RECh. 15 - QD 87. Oil Production The following table shows...Ch. 15 - Prob. 88RECh. 15 - Prob. 89RECh. 15 - Prob. 90RECh. 15 - Prob. 91RECh. 15 - Prob. 92RECh. 15 - Prob. 93RECh. 15 - Prob. 94RECh. 15 - Prob. 95RE
Knowledge Booster
Background pattern image
Calculus
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
Linear Algebra: A Modern Introduction
Algebra
ISBN:9781285463247
Author:David Poole
Publisher:Cengage Learning
Text book image
College Algebra
Algebra
ISBN:9781337282291
Author:Ron Larson
Publisher:Cengage Learning
SEE MORE TEXTBOOKS
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY