In Exercises 30 through 33, supply and demand functions, S(x) and D(x), are given for a particular

Question:

In Exercises 30 through 33, supply and demand functions, S(x) and D(x), are given for a particular commodity in terms of the level of production x. In each case:

(a) Find the value of xe for which equilibrium occurs and the corresponding equilibrium price pe.

(b) Sketch the graphs of the supply and demand curves, p = S(x) and p = D(x), on the same graph.

(c) For what values of x is there a market shortage? A market surplus?

S(x) = x2 + x + 3 and D(x) = 21 − 3x2

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

Question Posted: