Question: Previous Problem Problem List Next Problem The demand curve for a product has equation p=10e^(-0.001q) and the supply curve has equation p=0.01q+1 for 0
Previous Problem Problem List Next Problem The demand curve for a product has equation p=10e^(-0.001q) and the supply curve has equation p=0.01q+1 for 0<=q<=1000, where q is quantity and p is price in( $)/(u)nit.(a) Find the price at which 100 units are supplied and the price at which 100 units are demanded. (Round your answers to the nearest cent!)100 units are supplied at a price of $ 2.00 per unit. 100 units are demanded at a price of $ 9.05 per unit. (b) Use graphing technology to sketch the supply and demand curves and find the equilibrium price and quantity. (Round your answers to the nearest whole number). p_(eq)=$6.04 q_(eq)=504 units (c) Using the answers to part (b), calculate the consumer and producer surplus. Consumer Surplus =$915 Producer Surplus =$1270 Note: You can earn partial credit on this problem.
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