The demand function for a certain product is? = 86 − ?2and the supply function is? = ?2 + 6? + 30where p is in millions of dollars and x is the number of thousands of units. Find the equilibriumpoint (x, p), then find the consumer’s surplus and producer’s surplus. Round your answer to thenearest unit (the nearest million dollars).
The demand function for a certain product is? = 86 − ?2and the supply function is? = ?2 + 6? + 30where p is in millions of dollars and x is the number of thousands of units. Find the equilibriumpoint (x, p), then find the consumer’s surplus and producer’s surplus. Round your answer to thenearest unit (the nearest million dollars).
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 20QP
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Question
The
? = 86 − ?2
and the supply function is
? = ?2 + 6? + 30
where p is in millions of dollars and x is the number of thousands of units. Find the equilibrium
point (x, p), then find the
nearest unit (the nearest million dollars).
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