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The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q)=q²+10q, D(q)=1152-18q-q² a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. ○ A. 1000- ○ B. Q Q 1000- 1000- b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (18,504). (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $☐ (Type an integer or decimal rounded to the nearest hundredth as needed.) ○ D. 1000-

The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q)=q²+10q, D(q)=1152-18q-q² a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. ○ A. 1000- ○ B. Q Q 1000- 1000- b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (18,504). (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $☐ (Type an integer or decimal rounded to the nearest hundredth as needed.) ○ D. 1000-

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q)=q²+10q, D(q)=1152-18q-q² a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. ○ A. 1000- ○ B. Q Q 1000- 1000- b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (18,504). (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $☐ (Type an integer or decimal rounded to the nearest hundredth as needed.) ○ D. 1000-
Transcribed Image Text:The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q)=q²+10q, D(q)=1152-18q-q² a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. ○ A. 1000- ○ B. Q Q 1000- 1000- b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (18,504). (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $☐ (Type an integer or decimal rounded to the nearest hundredth as needed.) ○ D. 1000-
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