The price-demand equation for a particular flashlight is given by p = 116 0.002x, 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 $74 or less, and they will market 6,000 flashlights when the price is $98 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 = 116 0.002x, 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 $74 or less, and they will market 6,000 flashlights when the price is $98 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.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 8E
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