Demand for apartments in a certain town is D(x)=1480−3x​,and the supply is S(x)=500+11x​, where x is the number of​ apartments, in​ hundreds, and​ D(x) and​ S(x) are the rent in dollars per​ month, per apartment. ​a) Find the equilibrium point = ​b) Find the consumer surplus and producer surplus= ​c) Suppose a maximum rent of​$1050 per month is imposed by the town council. Find the point xC, pC= ​d) Find the new consumer surplus and new producer surplus= ​e) Find the deadweight loss=

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.6: Inequalities
Problem 88E
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Demand for apartments in a certain town is
D(x)=1480−3x​,and the supply is S(x)=500+11x​,
where x is the number of​ apartments, in​ hundreds, and​ D(x) and​ S(x) are the rent in dollars per​ month, per apartment.
 
​a) Find the equilibrium point =
​b) Find the consumer surplus and producer surplus=
​c) Suppose a maximum rent of​$1050 per month is imposed by the town council. Find the point xC, pC=
​d) Find the new consumer surplus and new producer surplus=
​e) Find the deadweight loss=
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