Please find the attached photo.It’s mathematic for economics, and the questions should solve by the one of these partial derivatives, Lagrange multipliers, first order differential equations. 1. A tire manufacturer estimates that q (thousand) radial tires willbe purchased (demanded) by wholesalers when the price is p=D(q)=-0.19² +90 dollars per tire, and the same number of tires will besupplied when the price is p=S(q)=0.2q² +q+50 dollars per tire.(a) Find the equilibrium price (where supply equals demand) and thequantity supplied and demanded at that price.(b) Determine the consumers' and producers' surplus at theequilibrium price.

The inverse demand function p=D(q)=-0.1q2+90 The inverse supply function p=S(q)=0.2q2+q+50 The…

1. A tire manufacturer estimates that q (thousand) radial tires will be purchased (demanded) by wholesalers when the price is p=D(q)=- 0.1q² +90 dollars per tire, and the same number of tires will be supplied when the price is p=S(q)=0.2q² +q+50 dollars per tire. (a) Find the equilibrium price (where supply equals demand) and the quantity supplied and demanded at that price. (b) Determine the consumers' and producers' surplus at the equilibrium price.

1. A tire manufacturer estimates that q (thousand) radial tires will be purchased (demanded) by wholesalers when the price is p=D(q)=- 0.1q² +90 dollars per tire, and the same number of tires will be supplied when the price is p=S(q)=0.2q² +q+50 dollars per tire. (a) Find the equilibrium price (where supply equals demand) and the quantity supplied and demanded at that price. (b) Determine the consumers' and producers' surplus at the equilibrium price.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 5MC

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