Demand Function Supply Function p- 250 - x p- 100 +x

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter4: Linear Functions
Section4.2: Modeling With Linear Functions
Problem 1SE: Explain how to find the input variable in a word problem that uses a linear function.
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Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions).
Demand Function
Supply Function
p = 250 - x
p- 100 + x
consumer surplus
millions
producer surplus
millions
Transcribed Image Text:Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function Supply Function p = 250 - x p- 100 + x consumer surplus millions producer surplus millions
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