MATH 1431 : ReviewConsumersProducersSurplus
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Solution: (a) p = d(100) = 20 - 0. 05(100) = 20 - 5 = 15. So if the demand is 100 units the price will be . (b) we wish to find x so that p = d(x) = 20 - 0. 05x = 8. So, if the price is , 240 consumers will purchase the item. Solution: (a) p = s(550) = 2 + 0. 0002 h550l2 = 62. 5. So, the producers would be willing to provide 550 units if the price were . 50 per unit. (b) we wish to find x so that p = s(x) = 2 + 0. 0002 x2 = 6. 50. So, at a price of . 50, the producers would be willing to provide 150 units. Look at the graph of the price-demand equation below. p represents the current price and x represents the number of units that can be sold at that price. p p p = dhxl x x.
