00 The daily demand for beef can be modeled by 40.007 million pounds 1 + 0.033e0.354p where the price for beef is p dollars per pound. Likewise, the supply for beef can be modeled by (d)s 1 + 53.98e-0.395p for p 2 0.5 where S(p) is measured in million pounds and the price for beef is p dollars per pound. (a) How much beef is supplied when the price is $6.50 per pound? (Round your answer to three decimal places.) x million pounds Enter a number. Will supply exceed demand at this price? O Yes ON O (b) Locate the point of market equilibrium. (Round your answers to two decimal places.) (p*, q*) (c) Calculate the total social gain from the sale of beef at market equilibrium. (Round your answer to three decimal places.) X million Need Help? Read It Submit Answer View Previous Question Question 5 of 6 View Next Question P Type here to search 五 (2 (M) OF
00 The daily demand for beef can be modeled by 40.007 million pounds 1 + 0.033e0.354p where the price for beef is p dollars per pound. Likewise, the supply for beef can be modeled by (d)s 1 + 53.98e-0.395p for p 2 0.5 where S(p) is measured in million pounds and the price for beef is p dollars per pound. (a) How much beef is supplied when the price is $6.50 per pound? (Round your answer to three decimal places.) x million pounds Enter a number. Will supply exceed demand at this price? O Yes ON O (b) Locate the point of market equilibrium. (Round your answers to two decimal places.) (p*, q*) (c) Calculate the total social gain from the sale of beef at market equilibrium. (Round your answer to three decimal places.) X million Need Help? Read It Submit Answer View Previous Question Question 5 of 6 View Next Question P Type here to search 五 (2 (M) OF
Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
Chapter4: Complex Numbers
Section: Chapter Questions
Problem 40RE
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Transcribed Image Text:00
The daily demand for beef can be modeled by
40.007
million pounds
1 + 0.033e0.354p
where the price for beef is p dollars per pound. Likewise, the supply for beef can be modeled by
(d)s
1 + 53.98e-0.395p
for p 2 0.5
where S(p) is measured in million pounds and the price for beef is p dollars per pound.
(a) How much beef is supplied when the price is $6.50 per pound? (Round your answer to three decimal places.)
x million pounds
Enter a number.
Will supply exceed demand at this price?
O Yes
ON O
(b) Locate the point of market equilibrium. (Round your answers to two decimal places.)
(p*, q*)
(c) Calculate the total social gain from the sale of beef at market equilibrium. (Round your answer to three decimal places.)
X million
Need Help?
Read It
Submit Answer
View Previous Question
Question 5 of 6
View Next Question
P Type here to search
五
(2
(M)
OF
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