Question
The demand function for a bicycle is given by p = D(x) = -0.001x 2 + 250 where p is the unit price in Ringgit
The demand function for a bicycle is given by
p = D(x) = -0.001x2 + 250
where p is the unit price in Ringgit and x is the quantity demanded in units.The supply function for these bicycles is given by
p = S(x) = 0.0006x2 + 0.02x + 100
where p stands for the unit price in ringgit and x stands for the number bicycles that the supplier will put on the market.Determine the consumers' surplus and the producer's surplus if the market price of a bicycle is set at the equilibrium price.
3.Determine the critical points of and also determine by the second-derivative test whether each point corresponds to a relative maximum, to a relative minimum, to neither, or whether the test gives no information.
Please urgent
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