Concept explainers
For Exercises 21 and 22, graph each pair of demand and supply functions. Then:
a. Find the equilibrium point using the intersect feature or another feature that will allow you to find this point of intersection.
b. Graph
and identify the regions of both consumer and producer surpluses.
c. Find the consumer surplus.
d. Find the producer surplus.
Want to see the full answer?
Check out a sample textbook solutionChapter 5 Solutions
CALCULUS+ITS...,EXP.(LL)-W/CODE NVCC
Additional Math Textbook Solutions
Elementary Statistics: Picturing the World (7th Edition)
Using and Understanding Mathematics: A Quantitative Reasoning Approach (6th Edition)
Elementary Statistics (13th Edition)
A First Course in Probability (10th Edition)
A Problem Solving Approach To Mathematics For Elementary School Teachers (13th Edition)
Precalculus
- The manufacturer of a weight training bench spends $120 to build each bench and sells them for $170. The manufacturer also has fixed costs each month of $150,000. (a) Find the cost function C when x benches are manufactured. (b) Find the revenue function R when x benches are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the break-even point means.arrow_forwardThe manufacturer of an energy drink spends $1.20 to make each drink and sells them for $2. The manufacturer also has fixed costs each month of $8,000. (a) Find the cost function C when x energy drinks aremanufactured. (b) Find the revenue function R when x drinks are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the breakeven point means.arrow_forwardThe manufacturer of a water bottle spends $5 to build each bottle and sells them for $10. The manufacturer also has fixed costs each month of $6500. (a) Find the cost function C when x bottles are manufactured. (b) Find the revenue function R when x bottles are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the break-even point means.arrow_forward
- Redo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of Kenyan beans, and 150 grams of French roast beans and the gourmet blend contains 100 grams of Colombian beans, 350 grams of Kenyan beans, and 50 grams of French roast beans. This time the merchant has on hand 30 kilograms of Colombian beans, 15 kilograms of Kenyan beans, and 15 kilograms of French roast beans. Suppose one bag of the house blend produces a profit of $0.50, one bag of the special blend produces a profit of $1.50, and one bag of the gourmet blend produces a profit of $2.00. How many bags of each type should the merchant prepare if he wants to use up all of the beans and maximize his profit? What is the maximum profit?arrow_forwardA company manufactures two fertilizers, x and y. Each 50-pound bag of fertilizer requires three ingredients, which are available in the limited quantities shown in the table. The profit on each bag of fertilizer x is 6 and on each bag of y is 5. How many bags of each product should be produced to maximize the profit? Ingredient Number of Pounds in Fertilizer x Number of Pounds in Fertilizer y Total number of Pounds Available Nitrogen 6 10 20,000 Phosphorus 8 6 16,400 Potash 6 4 12,000arrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage LearningCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning