e * El 0 * applecredituniona... e NewTalJ Swings M Gmall VauTube 9 Maps & Translate SCALCB 8.4.012. MY NOTES ASK YOUR TEACH ER PRACTICE ANOTH ER In a purely competitive market, the price of a good is naturally driven to the value where the quantity demanded by consumers matches the quantity made by producers, and the market is said to be in equilibrium. These values are the coordinates 0f the point of intersection of the supply and demand curves. 3. [11 Points] (3) Given the demand curve p : 60 7 310X and the supply curve p : 30 + 115Xff a Quad, at what quantity and price is the market for the grind in equilibrium? a: (b) Find the consumer surplus and the producer surplus when the market is in equilibrium. consumer surplus $: amaamamlaa a: Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. P P 70 Producer surplus Consumer surplus Consumer surplus Producer surplus N Assignments: (Summer 2022) CH X VA 8.4 App in Economics, Biology - I X Course Hero X + V X -> C webassign.net/web/Student/Assignment-Responses/last?dep=29223520 y! apple credit union -... New Tab Settings M Gmail YouTube ) Maps Translate X O 50 100 150 200 250 300 O 50 100 150 200 250 300 P 70 70 Consumer surplus Producer surplus 60+ 60- 50 50 40 40 30 30 Producer surplus Consumer surplus 20 20 10 10- O 50 X 100 150 200 250 300 O 50 100 150 200 250 300 Need Help? Read It Viewing Saved Work Revert to Last Response Submit Answer 6:10 PM 6/25/2022 e * El 0 * applecreditunionr... e NewTaiJ Semings M Gmall VauTube 9 Maps & Translate Need Help? Viewing Saved Work Reved to Last Response 7 Submit Answer 4. [-11 Points] DETAILS SCALC9 8.4.015.EP. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER If the amount of capital that a company has at time t is fit), then the derivative, PM is called the net investment flow. Suppose that the net investment flow is J? million dollars per year (where t is measured in years). Set up an integra in terms of tthat can be used to nd the increase in capital (the capital formation), in millions of dollars, from the third year to the seventh year. (Round your answer to two decimal places.) ( )d. Find the increase in capital (the capital formation), in millions of dollars, from the third to the seventh year. (Round your answer to two decimal places.) $ :1 million Need Help