In Exercises 17–22, a price ceiling or price floor is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for x units, and S(x) is the price, in dollars per unit, at which producers will sell x units. Find (a) the equilibrium point, (b) the point ( x C , p C ) o r ( x F , p F ) , (c) the new consumer surplus, (d) the new producer surplus, and (e) the deadweight loss. 21. D x = 30 + x − 1 0 2 , S x = x 2 , P C = $ 30 A s s u m e x ≤ 1 0
In Exercises 17–22, a price ceiling or price floor is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for x units, and S(x) is the price, in dollars per unit, at which producers will sell x units. Find (a) the equilibrium point, (b) the point ( x C , p C ) o r ( x F , p F ) , (c) the new consumer surplus, (d) the new producer surplus, and (e) the deadweight loss. 21. D x = 30 + x − 1 0 2 , S x = x 2 , P C = $ 30 A s s u m e x ≤ 1 0
Solution Summary: The author explains how to find the equilibrium point. The demand function is D(x) = 30+
In Exercises 17–22, a price ceiling or price floor is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for
x
units, and S(x) is the price, in dollars per unit, at which producers will sell
x
units. Find (a) the equilibrium point, (b) the point
(
x
C
,
p
C
)
o
r
(
x
F
,
p
F
)
, (c) the new consumer surplus, (d) the new producer surplus, and (e) the deadweight loss.
21.
D
x
=
30
+
x
−
1
0
2
,
S
x
=
x
2
,
P
C
=
$
30
A
s
s
u
m
e
x
≤
1
0
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