12. The demand function for 66 piece Tinkertoy set is D(q) 750 and the supply q+1 function for Tinkertoys is S(q) = (q + 2)2. a) Graph the demand and supply curves. b) Find the equilibrium point. c) Find the consumers' surplus. d) Find the produces' surplus. Consumers' surplus = Po where qo is the equilibrium demand and po is the equilibrium price or po= D(qo). 90 Producers' surplus = |Po - S(q)flq. where qo is the equilibrium supply and po is the equilibrium price or po = S(q»).

12. The demand function for 66 piece Tinkertoy set is D(q) 750 and the supply q+1 function for Tinkertoys is S(q) = (q + 2)2. a) Graph the demand and supply curves. b) Find the equilibrium point. c) Find the consumers' surplus. d) Find the produces' surplus. Consumers' surplus = Po where qo is the equilibrium demand and po is the equilibrium price or po= D(qo). 90 Producers' surplus = |Po - S(q)flq. where qo is the equilibrium supply and po is the equilibrium price or po = S(q»).

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 23EQ: 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...

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