The demand and supply functions for Penn State ice hockey jerseys are: pd(x)=x²-15x + 545 p=s(x) = 5x² + 3x + 17 where x is the number of hundreds of jerseys and p is the price in dollars. (a) Find the equilibrium quantity, Equilibrium quantity, x- M (b) Compute the total surplus at the equilibrium point. Total surplus which corresponds to dollars jerseys.

The demand and supply functions for Penn State ice hockey jerseys are: pd(x)=x²-15x + 545 p=s(x) = 5x² + 3x + 17 where x is the number of hundreds of jerseys and p is the price in dollars. (a) Find the equilibrium quantity, Equilibrium quantity, x- M (b) Compute the total surplus at the equilibrium point. Total surplus which corresponds to dollars jerseys.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 20QP

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