Given Information

You and your classmates are being asked to consult for a formal shoe company. The company has only provided the following pieces of information. Use this information to answer the questions on the right.

Marginal REVENUE: MR(x)=50028x6x2MR(x)=50028x6x2

Supply Function: S(x)=4x2+12xS(x)=4x2+12x

Marginal COST: MC(x)=116x4MC(x)=161x4

1. what is the price of a pair of shoes when x (the quantity) is 10?

2. prior to plugging in 10, you found the price function. This is also the demand function.

With that in mind, what is equilibrium quantity?

Round to three decimal places.

3. What is equilibrium price?

Round to 2 decimal places.

4. What is consumer surplus equal to?

Round to two decimal places.

5. What is producer surplus equal to?

Round to two decimal places.

THANK YOU