Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indic your answers. 1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per watch is р dollars. a. What is the demand when the price is $2500? What is the supply when the price is $2500? b. Find the equilibrium quantity and the equilibrium price.
Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indic your answers. 1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per watch is р dollars. a. What is the demand when the price is $2500? What is the supply when the price is $2500? b. Find the equilibrium quantity and the equilibrium price.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question
Transcribed Image Text:2. The daily revenue R achieved by selling x boxes of candy is given by R(x)=9.6x-0.04x². The daily cost C
of producing x boxes of candy is given by C(x)=1.2x+272.
How many boxes of candy must the company sell to maximize profit? What is the maximum profit?
(Hint: First determine the profit function.)
Transcribed Image Text:Directions: Show all work in a neat and organized manner and use equal signs appropriately. Clearly indicate
your answers.
1. The demand for a platinum smart watch is given by p=4200-2x, and the supply is given by
p=0.01x²+2x+1000, where x is the number of watches demanded and supplied when the price per
watch is p dollars.
a. What is the demand when the price is $2500? What is the supply when the price is $2500?
b. Find the equilibrium quantity and the equilibrium price.
Expert Solution
Step 1: Determine the demand and supply
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