Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve clearly . From the price above what is the equilibram quantity between supply and demand: million of gallons Round your answer to closest whole

Solve clearly

image text in transcribedimage text in transcribed
. From the price above what is the equilibram quantity between supply and demand: million of gallons Round your answer to closest whole number . Under these conditions, what is the consumer surplus? million of gallons Round your answer to closest whole number . Under these conditions, what is the producer surplus? million of gallons Round your answer to closest whole number . Discuss what is a mathematical model in general, and how mathematical models are used in this activity. Note: the instructor will manually score this question.Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoline vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 1 819 492 1.2 700 550 1.4 640 600 1.6 580 634 1.9 527 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3.3 380 751 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Inquiry Into The Nature And Causes Of The Wealth Of Nations

Authors: Adam Smith, R H Campbell

1st Edition

0865970068, 9780865970069

More Books

Students also viewed these Economics questions

Question

Sell the quality of your brand or products.

Answered: 1 week ago