In Exercises 17–22, a price ceiling or price floor is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for
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- The equilibrium quantity of the given demand and supply functions is p = 3log (5xp) - 2 p = 2log (xs) + 3 Select one: O a. a. 10 о b. 125 О с. 80 O d. 800 O e. None of the abovearrow_forwardtion are given. (a) Sketch the first-quadrant portions of In Problems 1–4, a supply function and a demand func- market equilibrium point. (c) Algebraically determine the those functions on the same set of axes. (b) Label the market equilibrium point. (c) Algebraically determine the market equilibrium point. 1 q2 +10 1. Supply: p 4 Demand: p = 86 – 6q – 3g² 2. Supply: p = q² + 89 + 16 Demand: p = 216 - 29 3. Supply: p = 0.2q² + 0.4q + 1.8 Demand: p = 9 – 0.2q – 0.1q² 4. Supply: p q² + 8g + 22 %3D %3D %3D 1 198 4g 4 Demand: p %3D 5. If the supply function for a commodity is p = q? + 8q + 16 and the demand function is p = -3q2 + 6q + 436, find the equilibrium quantity and equilibrium price. 6. If the supply function for a commodity is p = q? + 8q + 20 and the demand function is p = 100 – 49 – q², find the equilibrium quantity and equilibrium price. 7. If the demand function for a commodity is given by the equation p? + 4q = 1600 and the supply function is given by the equation 300 – p² +…arrow_forward. If the supply and demand functions for a commodity are given by 8 p − q = 290 and (p+2)q =5720, respectively, find the price that will result in market equilibrium.arrow_forward
- A study of a country's colleges and universities resulted in the demand equation q = 20,000 − 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges.† Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 8,500 + 0.5p. Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price?arrow_forwardThe snowboard industry has the following labour supply is ES = 150 + 10w and labour demand is ED = 350 – 10w, where E is the level of employment in 1,000s of workers and w is the hourly wage. If the labour market is competitive, then what is the equilibrium wage and employment? What is the unemployment rate? Let's pretend the government asks you to examine the impact of implementing a minimum hourly wage of $12. What would happen to the employment level? How many additional workers would want a job at the minimum wage? What is the unemployment rate? If the labour market is competitive, then what is the equilibrium wage and employment? What is the unemployment rate? Let's pretend the government asks you to examine the impact of implementing a minimum hourly wage of $12. What would happen to the employment level? How many additional workers would want a job at the minimum wage? What is the unemployment rate?arrow_forwardThe table to the right contains price-demand and total cost data for the production of projectors, where p is the wholesale price (in dollars) of a projector for an annual demand of x projectors and C is the total cost (in dollars) of producing x projectors. Answer the following questions (A) - (D). p($) 558 C($) 114,000 126,700 280 420 394 640 194 162,000 710 73 184,000 (A) Find a quadratic regression equation for the price-demand data, using x as the independent variable. y=] (Type an expression using x as the variable. Use integers or decimals for any numbers in the expression. Round the coefficients to seven decimal places as needed. Round the constant term to three decimal places as needed.) (B) Find a linear regression equation for the cost data, using x as the independent variable. y = (Type an expression using x as the variable. Use integers or decimals for any numbers in the expression. Round to two decimal places as needed.) Use the linear regression equation found in the…arrow_forward
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