Question: The price - demand equation for a particular flashlight is given by p = 1 1 3 0 . 0 0 2 x , where

The price-demand equation for a particular flashlight is given by
p =1130.002x,
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 $74 or less, and they will market 5,500 flashlights when the price is $96 per flashlight. (Assume the price-supply equation is linear.)
(a)
Find the consumers' surplus for this commodity.
$
(b)
Find the producers' surplus for this commodity.
$The price-demand equation for a particular flashlight is given by
p =1130.002x,
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 $74 or less, and they will market 5,500 flashlights when the price is $96 per flashlight. (Assume the price-supply equation is linear.)
(a)
Find the consumers' surplus for this commodity.
$
(b)
Find the producers' surplus for this commodity.
$

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!