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.) $ =

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!