Example: If the demand function is given by P = D(x) = 45 -0.18x2 and the supply function is given by P = S(x) = 0.12x² + 1.5x. Find the equilibrium price and then find the consumer surplus.
Example: If the demand function is given by P = D(x) = 45 -0.18x2 and the supply function is given by P = S(x) = 0.12x² + 1.5x. Find the equilibrium price and then find the consumer surplus.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 5SQP
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Transcribed Image Text:Example: If the demand function is given by P = D(x)
= 45 -0.18x2 and the supply function is given by P
= S(x) = 0.12x² + 1.5x. Find the equilibrium price and
then find the consumer surplus.
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