The price-demand equation for a particular flashlight is given by p= 1180.002x, 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 $79 or less, and they will market 5,500 flashlights when the price is $101 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= 1180.002x, 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 $79 or less, and they will market 5,500 flashlights when the price is $101 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. $

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 6QP: Suppose a straight-line downward-sloping demand curve shifts rightward. Is the price elasticity of...

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