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=
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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