Question

In: Math

1a) In this problem, p is in dollars and x is the number of units. The...

1a) In this problem, p is in dollars and x is the number of units.

The demand function for a certain product is

p = 100 − x2

and the supply function is

p = x2 + 4x + 84.

Find the equilibrium point.

(x, p) =

Find the consumer's surplus there. (Round your answer to the nearest cent.)

1b)In this problem, p is in dollars and x is the number of units.

Suppose that the supply function for a good is

p = 4x2 + 22x + 7.

If the equilibrium price is $217 per unit, what is the producer's surplus there? (Round your answer to the nearest cent.)

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Expert Solution

milcah answered 2 years ago
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