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+3.5, S(x) = e ×- 8.5 a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point.

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 18T
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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.
D(x) = e -X+3.5, S(x) = ex- 8.5
a) Find the equilibrium point.
b) Find the consumer surplus at the equilibrium point.
c) Find the producer surplus at the equilibrium point.
Transcribed Image Text: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+3.5, S(x) = ex- 8.5 a) Find the equilibrium point. b) Find the consumer surplus at the equilibrium point. c) Find the producer surplus at the equilibrium point.
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