The Mikado miniature camera company found that consumers were willing to pay p = -0.2x 2 +
Question:
The Mikado miniature camera company found that consumers were willing to pay p = -0.2x 2 + 80 dollars for x cameras and producers were willing to sell x cameras for p = 0.1x2 + x + 40 dollars. Sketch the graph of both functions. (Carefully and meaningfully label the x and y axes, the y intercepts, and each function.)
What is the equilibrium price'?
What is the equilibrium quantity'?
Shade the region in the above graph the represents the Producer's Surplus.
Give, and solve, (via calculator), the definite integral the represents the Producer's Surplus.
Give the definite integral that represents the Consumers' Surplus.
Use the Fundamental Theorem of Calculus to find the Consumers' Surplus.
Business Analytics Data Analysis and Decision Making
ISBN: 978-1305947542
6th edition
Authors: S. Christian Albright, Wayne L. Winston