Question: If the demand function for wheat is p=/1500 x2+1 +4 dollars, where x is the number of hundreds of bushels of wheat, what is the

If the demand function for wheat is p=/1500 √x2+1 +4 dollars, where x is the number of hundreds of bushels of wheat, what is the consumer's surplus at x=7, p=216.13?

Step by Step Solution

★★★★★

3.48 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

by formula ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1386-M-C-L-A-D(4596).docx

120 KBs Word File

Students Have Also Explored These Related Calculus Questions!

If the demand function for a commodity is given by the equation p2 + 4q = 1600 and the supply function is given by the equation 300 -p2 + 2q = 0, find the equilibrium quantity and equilibrium price?

If the demand function for a commodity is given by the equation p2 + 5q = 200 and the supply function is given by 40 - p2 + 3q = 0, find the equilibrium quantity and price?

If the demand function for q units of a product at $p per unit is given by p(q + 1)2 = 200,000 find the rate of change of quantity with respect to price when p = $80. Interpret this result.

A company produces two types of solar panels per year: x thousand of type A and y thousand ottype B, The revenue and cost equations, in millions of dollars, for the year are given as follows, R(x,y}...

8. The US Government's announced this week that they will bring sanction on countries who buy oil from Iran. "This decision is intended to bring Iran's oil exports to zero, denying the regime its...

Scenario 13-8 Figure 7-4 Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02...

UNITED GRAIN GROWERS: ENTERPRISE RISK MANAGEMENT AND WEATHER RISK Scott Harrington Greg Niehaus ABSTRACT In August of 1999, Mike McAndless, the risk manager of United Grain Growers (UGG), was...

The Trump administration has promised $11 billion in aid for farmers impacted by retaliatory tariffs, Although the details of this plan are not known, previous farm programs have imposed a price...

Lynn bought 100 shares of Filidelphia Corporation stock for $10,000 three years ago. On December 24, she sells 50 shares for $4,000. She plans to buy 100 more shares of Filidelphia stock for $7,000...

Model the following system by writing the two equations of motion for the double-pendulum system shown in the figure below. Assume the displacement angles of the pendulums are small enough to ensure...

Exercise 1 2 - 2 3 ( Algorithmic ) ( LO . 5 ) In 2 0 2 4 , Bianca earned a salary of $ 1 7 5 , 0 0 0 from her employer. Round your answer to whole dollar amount, if necessary. Determine the amount of...

2.1 For a developing country to grow, it needs capital. The major source of capital in most countries is domestic saving, but the goal of stimulating domestic saving usually is in conflict with...

Match the parametric equations with the graphs labeled IVI. Give reasons for your choices. (Do not use a graphing device.) (a) x = t - 21, y=1-t (b) x = - 1, y = 2 - 1 (c) x= sin 31, y = sin 41 (d)...

Graph the curve x = y - 3y3 + y5.

Graph the curves y = x5 and x = y(y 1)2 and find their points of intersection correct to one decimal place.

LESLI CORPORATION Balance Sheet Income Statement Assets: Sales (all credit) $5,800,000 Cash $150,000 Cost of goods sold -3,000,000 Accounts receivable 450,000 Operating expense -900,000 Inventory...

Garage, Inc., has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 -28,100 -28,100 1 13,500 3,850 2 11,400 9,350 3 8,750 14,300 4 4,650 15,900 Project A...

If the simple CAPM is valid, is the situation shown below possible? Possible Not possible If the simple CAPM is valid, is the situation shown below possible? Possible Not possible If the simple CAPM...