D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. D(x) =e -x+6.5 S(x) = ex-7.5 a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point. a) What are the coordinates of the equilibrium point? (Type an ordered pair. Round each coordinate to the nearest hundredth as needed. Do not include the $ symbol in your answer) b) What is the consumer surplus at the equilibrium point? (Round to the nearest cent as needed.) c) What is the producer surplus at the equilibrium point? (Round to the nearest cent as needed.)
D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. D(x) =e -x+6.5 S(x) = ex-7.5 a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point. a) What are the coordinates of the equilibrium point? (Type an ordered pair. Round each coordinate to the nearest hundredth as needed. Do not include the $ symbol in your answer) b) What is the consumer surplus at the equilibrium point? (Round to the nearest cent as needed.) c) What is the producer surplus at the equilibrium point? (Round to the nearest cent as needed.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.3: Lines
Problem 92E
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D(x) is the price, in dollars per unit that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units.
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