WEEK 12 HW X 4+ 2

WEEK 12 HW -5 2; Irccd.instructure.com/courses/225902/assignments/6243039?module_item_id=19244834 Text Summarizer l... Dashboard IHSS Public Autho... M Gmail Homepage Home I Cosumnes... BMTX SPR24 (l).pdf : Account Su... My Account @ FAFSA@ Applicatio... Q My Utilities All Bookmarks X Close U Download 2 A Alternative formats of 2 D @Info ZOOM + 6.7 - Applications of the Definite Integral to Business and Economics For these questions, round your answer to the nearest dollar. 7. The demand for a certain brand of essential oil is given by the following function: 0.01+ O.Ix + 51, where p is the unit price measured in dollars and x is the the number of bottles of oil demanded each week, measured in units of a hundred. Determine the consumers' surplus if the market price is set at $9 per bottle of essential oil. 8. A supplier of a certain brand of flatiron will make thousand units available in the market per 256 2x. Determine the producers' surplus if the market month when the unit price is by p price is set at $14 per flatiron. 9. The demand function for a certain brand of brand of portable phone charger is given by 0.01B 0.2:r+14. The supply function is given by p In both functions, p is the unit price in dollars and represents the thousands of phone chargers demanded and supplied each week, respectively. Determine the producers' surplus if the market price is set at the equilibrium price. 600 10. The demand function for a certain model of Blu-ray player is given by p where p is the unit price in dollars and is the quantity demanded per week, measured in units of a hundred. What is the consumers' surplus if the selling price is set at $200 per unit? 11. A certain country's income distribution is described by the function A. Compute f(O.4) and f(O.9). B. Interpret both values from part A. in a complete sentence. C. Find the Gini Index for this country. 10 1 11 11 12. In a study conducted by a certain country's Economic Development Board, it was found that the Lorenz curve for the distribution of income of college professors was described by the function 16 12 F + and that of lawyers was given by the function g(x) F + x. 17 17 14 14 A. Find the Gini Index for college professors in this country. B. Find the Gini Index for lawyers in this country. C. Which profession has a more equitable income distribution? D. Explain in your own words what this means to you and/or why you think this is. 2