A manufacturer determines that the supply function for x units of a particular commodity is S(x) =

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A manufacturer determines that the supply function for x units of a particular commodity is S(x) = ln(x + 2) and the corresponding demand function is D(x) = 10 − ln(x + 1).

a. Find the demand price p = D(x) when the level of production is x = 10 units.

b. Find the supply price p = S(x) when x = 100 units.

c. Find the level of production and unit price that correspond to market equilibrium (where supply = demand).

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Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

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