Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = −0.2x2 + 200 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x2 + 7x + 100. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $
Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = −0.2x2 + 200 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x2 + 7x + 100. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $
Chapter5: Supply, Demand, And Price: Applications
Section5.7: Application 7: Why Do Colleges Use Gpa,s Actss, And Sats, For Purposes Of Admission?
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Consumers' and Producers' Surplus
The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) byp = −0.2x2 + 200
and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by
p = 0.1x2 + 7x + 100.
If the market price is set at the equilibrium price , find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.)
producer's surplus $
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