Question: A manufacturer determines that the supply function for x units of a particular commodity is S(x) = e 0.02x and the corresponding demand function is

A manufacturer determines that the supply function for x units of a particular commodity is S(x) = e^0.02x and the corresponding demand function is D(x) = 3e^−0.03x.

a. Find the demand price p = D(x) when the level of production is x = 10 units.

b. Find the supply price p = S(x) when x = 12 units.

c. Find the level of production and unit price that correspond to market equilibrium (where supply = demand).

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