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. If the equilibrium price is $12 and the equilibrium quantity is 144 units, find the Consumer Surplus at the equilibrium point and then answer the question about Producer Surplus. 144 D(x) = S(x) = Vx You must write a complete solution for part (a) and submit with your written work. Note: Consumer and Producer Surplus formulas are: Consumer Surplus: D(x)dx - PQ, Producer Surplus: PQ- S(x)dx (a) The Consumer Surplus is $ [4 points] (Round to the nearest cent as needed.) (b) Which expression will give the correct value of the Producer Surplus? [2 points] OA. - 144 -(12)(144) O B. (12)(144)-[144 -0 OC. - (12)(144) OD. (12)(144)- 144 OE. (12)(144) - 12 -0 (Select the correct answer.)

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. If the
equilibrium price is $12 and the equilibrium quantity is 144 units, find the Consumer Surplus at the equilibrium point and then answer the question about Producer Surplus.
144
D(x)=
S(x) = Vx
%3D
You must write a complete solution for part (a) and submit with your written work.
Note: Consumer and Producer Surplus formulas are:
Consumer Surplus: D(x)dx- PQ, Producer Surplus: PQ-
| Sx)dx.
[4 points]
(a) The Consumer Surplus is S
(Round to the nearest cent as needed.)
(b) Which expression will give the correct value of the Producer Surplus? [2 points]
O A. T 1
1A-(12|144)
0.
-144
-(12)(144)
|O B.
21
(12)(144)- [144 -0
OC.
3
2.
2,
21
144
3.
(12)(144)
D.
31
(12)(144)-
2.
144
E.
(12)(144)- [12 -0
(Select the correct answer.)
Click to select your answer(s).
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. If the equilibrium price is $12 and the equilibrium quantity is 144 units, find the Consumer Surplus at the equilibrium point and then answer the question about Producer Surplus. 144 D(x)= S(x) = Vx %3D You must write a complete solution for part (a) and submit with your written work. Note: Consumer and Producer Surplus formulas are: Consumer Surplus: D(x)dx- PQ, Producer Surplus: PQ- | Sx)dx. [4 points] (a) The Consumer Surplus is S (Round to the nearest cent as needed.) (b) Which expression will give the correct value of the Producer Surplus? [2 points] O A. T 1 1A-(12|144) 0. -144 -(12)(144) |O B. 21 (12)(144)- [144 -0 OC. 3 2. 2, 21 144 3. (12)(144) D. 31 (12)(144)- 2. 144 E. (12)(144)- [12 -0 (Select the correct answer.) Click to select your answer(s).
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