2) Suppose that a furniture manufacturer is willing to supply x tablets at a P = S(x) = 2x²2 - 30x + 300 dollars each, and has found that consumers are willing to purchase x tablets at a price of p = D(x) = -10x +1050 dollars each. Put units on all of your solutions. 2 Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts, the units on the axis, and your functions clearly. Find Equilibrium price and quantity and label it on your graph. WOHE Equilibrium Price = b.) Shade in the region that represents Producers' Surplus at equilibrium Write the expression (with the definite integral) that represents the amount of producers' surplus and find it Equilibrium Quantity = c) Write the expression (with the definite integral) that represents the Consumers' surplus and find it.

2) Suppose that a furniture manufacturer is willing to supply x tablets at a P = S(x) = 2x²2 - 30x + 300 dollars each, and has found that consumers are willing to purchase x tablets at a price of p = D(x) = -10x +1050 dollars each. Put units on all of your solutions. 2 Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts, the units on the axis, and your functions clearly. Find Equilibrium price and quantity and label it on your graph. WOHE Equilibrium Price = b.) Shade in the region that represents Producers' Surplus at equilibrium Write the expression (with the definite integral) that represents the amount of producers' surplus and find it Equilibrium Quantity = c) Write the expression (with the definite integral) that represents the Consumers' surplus and find it.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter30: Market Failure: Externalities, Public Goods, And Asymmetric Information

Section30.2: Internalizing Externalities

Problem 2ST

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