Question: The price - demand equation for a particular flashlight is given by p = 1 1 3 0 . 0 0 2 x , where
The pricedemand equation for a particular flashlight is given by
p x
where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $ or less, and they will market flashlights when the price is $ per flashlight. Assume the pricesupply equation is linear.
a
Find the consumers' surplus for this commodity.
$
b
Find the producers' surplus for this commodity.
$The pricedemand equation for a particular flashlight is given by
p x
where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $ or less, and they will market flashlights when the price is $ per flashlight. Assume the pricesupply equation is linear.
a
Find the consumers' surplus for this commodity.
$
b
Find the producers' surplus for this commodity.
$
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