Question

Consumers' and Producers' Surplus The quantity demanded X (in units of a hundred) of the Sportsman 5 x 7 tents, per week, is related to the unit price p (in dollars) by the relation p = -0.1x2 - x + 40. The quantity (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price by the relation p = 0.1x2 + 4x + 10. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Enter your answers in dollars. Round your answers to the nearest integer.) consumer's surplus $ 21 X producer's surplus X $ 58 Need Help? Read it Talk to a Tutor

Answer 1

or -30 20 or Demand function! PE-0.1-x + 40 Supply function; p = 0.14² + 4x + 10 At the equilibrium point be = ls os, -0.1 - K +40=0:1*?+ 4x +10 or 0.22?+ 5-30= 0 0.22²+60-x- 0.2 x (x+30) -1(x +30) = 0 Edither (6.28-1) = 0 or Ca+30) = 0 or Xan 25 ( we take na 5 peritive output) requilibrium quantity) Now . fuice at y = 5 Pa 011 (537+ 4*5 +10. ox -385 cepullitrium Consumer Surplus Tidemand function(dx or -30 X ode C: S = (-0.18². - x +40) dk (5X32:5) Odin C-SE -Oil x3 V +401 162.5 I putting x=(5-0) = 5 in the function, Let constant c.5=-01 (58) 40x5) 169.5 12,5 + 200 – 162.5 X Producer surplus px - Sisupply function / dx (5X30.5) - permette +4xe fio) ak 769.5 + R 410k Putting x=(5* = 5 Ju the function 5.1 + 50+501 1574 012 3 162.5 S+6245 105. |