14) Let D(x) = (x - 7)² be the price, in dollars per dozen units, that consumers are willing to pay for x dozen units of an item, and let S(x) units, that producers are willing to accept for x dozen units. Assumes7. = x +x + 4 be the price, in dollars per dozen a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium noint

Suppose that for a company manufacturing calculators, the cost, revenue, and profit equations are given by x² 20' C = 90,000+ 40x, R=200x - where the production output in 1 week is x calculators. If production is increasing at a rate of 400 calculators per week when production output is 6,000 calculators. Find the rate of increase (decrease) in cost, revenue, and profit. A) Costs are increasing at the rate of $ (Simplify your answer.) B) Revenue is (Simplify your answer.) C) Profits are (Simplify your answer.) at the rate of $ P=R-C at the rate of $ per week at this production level. per week at this production level. per week at this production level.

Let’s assume that in Kansas, a family farmer sells wheat in a perfectly competitive market. After increasing the production of wheat from 220 bushels to 240 bushels, the total revenue of the farmer increases from $6,600 to $6,700. What was the marginal revenue of this increase in production in dollar?

10. A company sells a microprocessor for $450 each. The total cost that the company incurs in manufacturing q units of the microprocessor is C(q) = 10,000 + 5q^2.(a)  Find the profit function. (b) At what quantity is the profit maximized? Justify your results with agraph.