Question: 1. In this problem, p is in dollars and x is the number of units.The demand function for a certain product is p =100 x
1. In this problem,pis in dollars andxis the number of units.The demand function for a certain product is p=100x2and the supply function is p=x2+4x+30.Find the equilibrium point.(x,p) =
Find the consumer's surplus there. (Round your answer to the nearest cent.) $ =
2. In this problem, p is in dollars and x is the number of units. The demand function for a product is p = 112 x2.
If the equilibrium price is $12 per unit, what is the consumer's surplus? (Round your answer to the nearest cent.) $ =
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