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13 Nov 2019
Show Question Details In this problem, p is in dollars and x is the number of units. The demand function for a certain product is p-147-2x2 and the supply function is p-x2 + 33x + 21. Find the producer's surplus at the equilibrium point. Step 1 We start by finding the equilibrium point. We can find the equilibrium quantity by setting the demand function equal to the supply function and solving for x. x2 + 33x + 21 = 147-2x2 1 Since the quadratic expression is not factorable, use the quadratic formula, remembering that only positive values of x make sense. (rounded to two decimal places)
Show Question Details In this problem, p is in dollars and x is the number of units. The demand function for a certain product is p-147-2x2 and the supply function is p-x2 + 33x + 21. Find the producer's surplus at the equilibrium point. Step 1 We start by finding the equilibrium point. We can find the equilibrium quantity by setting the demand function equal to the supply function and solving for x. x2 + 33x + 21 = 147-2x2 1 Since the quadratic expression is not factorable, use the quadratic formula, remembering that only positive values of x make sense. (rounded to two decimal places)
Trinidad TremblayLv2
13 Nov 2019