Question: The demand function for a product under pure competition is p = 64-4x, and the supply function is p=x-1, where x is the number

The demand function for a product under pure competition is p = √ 64-4x, and the supply function is p=x-1, where x is the number of units and p is in dollars.
(a) Find the market equilibrium.
(b) Find the consumer's surplus at market equilibrium.

Step by Step Solution

★★★★★

3.41 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a 644x x1 64 4x x 2 2x 1 0 x... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1386-M-C-L-A-D(4664).docx

120 KBs Word File

Students Have Also Explored These Related Calculus Questions!

The demand function for a product is given by p = 3000e-q/3. (a) At what price per unit will the quantity demanded equal 6 units? (b) If the price is $149.40 per unit, how many units will be...

The demand function for a product is given by p = 4000 ln (x =10), where p is the price per unit in dollars when x units are demanded. (a) Find the rate of change of price with respect to the number...

The demand function for a product is p=34-x2. If the equilibrium price is $9 per unit, what is the consumer's surplus? In the following equation p and C are in dollars and x is the number of units.

The demand function for a product under pure competition is t = 6 4 4 x , and the supply function is t = x - 1, where x is the number of units and t is in dollars. What is the producer's surplus at...

For the two problems below show your work calculating the equilibrium point, the CS and PS. Make sure to supply clear interpretation. Also you must use integration to find the CS and PS2 as this...

Equilibrium 16.1 This problem will be easier if you have done Problem 16.3.The inverse demand function for grapefruit is defined by the equation p = 2967q, where q is the number of units sold. The...

EXAM 3, PART 2 MATH 2009 CTFA 6. Find a matrix X such that the equation AX = B holds, where A = (2 o) and Friday, December 10, 2021 B = (1 3) . There are 10 problems. . Problems 1-6 should be done...

Find the consumers' surplus and the producers' surplus at the equilibrium price level for the given supply and demand equations. The demand and the supply function for a product are as follows...

Assignment 5: Integration Techniques and Applications (80 marks total) Your mark will be given as a percentage. [12 marks] (3 marks) (3 marks) (3 marks) (3 marks) [10 marks] (3 marks} (4 marks} (3...

a. Suppose that the demand function for a product is given by p = 130:} = (I (5)3 where s: is the number of items and p is the price in dollars per item. Suppose also that the supply function is...

The Kangal Enterprise needs to increase its working capital by Rs 3.5 million for which it will borrow from the Banque de Fraude at 18% per year, for one year. Banque de Fraude is generously...

A 181 room hotel forecasts its average room rate to be $125 for the next year with an 0.53 Occupancy rate. The hotel is open 365 days a year. The hotel department has a fixed wage cost with benefits...

Consider the following two mutually exclusive projects:

3.2 You are given the following information on a proposed cigar tax in the Republic of Panatela. Panatela collects no other specific excise taxes, and all other government revenues come from a...

Show that if lim n n |Cn| = c, where c 0, then the radius of convergence of the power series cn xn is R = 1/c.

Suppose that the power series cn (x a)n satisfies cn 0 for all n. Show that if lim n | Cn / Cn+1 | = c exists, then it is equal to the radius of convergence of the power series.

Suppose the series cn xn has radius of convergence 2 and the series dn xn has radius of convergence 3. What is the radius of convergence of the series (cn + dn)xn?

The technique for calculating a bid price can be extended to many other types of problems. Answer the following questions using the same technique as setting a bid price; that is, set the project NPV...

Johnson Inc. has the following capital structure (all bonds pay semi-annual coupons and have par value of $1,000): (1) $500,000 short term bank loan that carries an interest of 3%. (2) 3,000 bonds...

Wine and Roses, Inc. offers a 9.0 percent coupon bond with semiannual payments and a yield to maturity of 9.65 percent. The bonds mature in 18 years. What is the market price of a $1,000 face value...