A tire manufacturer estimates that the demand function for their radial tires will be given by P = -0.1x² +90 where p is the price (in dollars) and x is the number of tires demanded (in thousands). The corresponding supply function is given by p= 0.22² +2 +50 Determine the consumers' surplus if the market price is set at the equilibrium price (remember that x is measured in thousands).
A tire manufacturer estimates that the demand function for their radial tires will be given by P = -0.1x² +90 where p is the price (in dollars) and x is the number of tires demanded (in thousands). The corresponding supply function is given by p= 0.22² +2 +50 Determine the consumers' surplus if the market price is set at the equilibrium price (remember that x is measured in thousands).
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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