a.
To graph: The systems of inequalities representing the consumer surplus and producer surplus for the given supply and demand equations.
a.
Explanation of Solution
Given information:
The demand and supply equations are
Graph:
Using Desmos graphing utility, the graph is shown below:
Interpretation:
The region enclosed with blue color represents the solution of the systems of inequalities. It is representing the consumer surplus and producer surplus for the given supply and demand equations.
b.
To find: The consumer surplus and producer surplus.
b.
Answer to Problem 60E
Consumer surplus is
Explanation of Solution
Given information:
Graph that represents the systems of inequalities representing the consumer surplus and producer surplus for the given supply and demand equations:
Calculations:
From the graph, we can see that consumer surplus (CS) is the triangular region with height 25 units and base 500 units.
Therefore,
Similarly, producer surplus (PS) is the triangular region with height 50 units and base 500 units.
Therefore,
Chapter 7 Solutions
EBK PRECALCULUS W/LIMITS
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