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A study of a country's colleges and universities resulted in the demand equation q = 20,000 - 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges.t Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 7,600 + 0.5p. Find the equilibrium tuition pricep and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.] p - $ CS - $ equilibrium tuition price consumers' surplus PS - $ producers' surplus total social gain $

A study of a country's colleges and universities resulted in the demand equation q = 20,000 - 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges.t Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 7,600 + 0.5p. Find the equilibrium tuition pricep and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.] p - $ CS - $ equilibrium tuition price consumers' surplus PS - $ producers' surplus total social gain $

Algebra for College Students
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
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A study of a country's colleges and universities resulted in the demand equation q = 20,000 – 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges.t Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 7,600 + 0.5p. Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.] equilibrium tuition price p = $ consumers' surplus CS = $ producers' surplus PS = $ total social gain 2$
Transcribed Image Text:A study of a country's colleges and universities resulted in the demand equation q = 20,000 – 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges.t Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 7,600 + 0.5p. Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.] equilibrium tuition price p = $ consumers' surplus CS = $ producers' surplus PS = $ total social gain 2$
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