Suppose the supply function for oil is given (in dollars) by S(q) = q 2 + 10q,
Question:
Suppose the supply function for oil is given (in dollars) by S(q) = q2 + 10q, and the demand function is given (in dollars) by D(q) = 900 - 20q - q2.
(a) Graph the supply and demand curves.
(b) Find the point at which supply and demand are in equilibrium.
(c) Find the consumers’ surplus.
(d) Find the producers’ surplus.
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Sq q 2 10q Dq 900 20q q 2 a The graphs of the suppl...View the full answer
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