5. Consider the price-supply function p= S(x) = 5 +0.1x. (a) Find the equilibrium quantity T if the producers' surplus at T is 500 pesos. (b) Find the corresponding equilibrium price, p. (c) If p = D(x) = ax² + b is the price-demand equation, find the values of 2000 a and b so that the consumers' surplus at the equilibrium point is 3 pesos.

5. Consider the price-supply function p= S(x) = 5 +0.1x. (a) Find the equilibrium quantity T if the producers' surplus at T is 500 pesos. (b) Find the corresponding equilibrium price, p. (c) If p = D(x) = ax² + b is the price-demand equation, find the values of 2000 a and b so that the consumers' surplus at the equilibrium point is 3 pesos.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 15PAE

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