In Exercises 15 through 19, the demand and supply functions, D(q) and S(q), for a particular commodity
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In Exercises 15 through 19, the demand and supply functions, D(q) and S(q), for a particular commodity are given. Specifically, q units of the commodity will be demanded (sold) at a price of p = D(q) dollars per unit, while q units will be supplied by producers when the price is p = S(q) dollars per unit. In each case:
(a) Find the equilibrium price pe (where supply equals demand).
(b) Find the consumers’ surplus and the producers’ surplus at equilibrium.
D(q) = −0.3q2 + 70; S(q) = 0.1q2 + q + 20
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Related Book For
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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