Consumer and producer surplus7- If the demand for a pair of shoes is given by2p + 5q = 200 and the supply function for it isp - 2q = 10, compare the quantity demanded and thequantity supplied when the price is $60. Will there be asurplus or shortfall at this price?

In this question, we want to compare the quantity demanded and the quantity supplied for a pair of…

Answered: If the demand for a pair of shoes is…

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter8: Functions

Section8.CR: Review Problem Set

Problem 50CR

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Similar questions

The manufacturer of a weight training bench spends $15 to build each bench and sells them for $32. The manufacturer also has fixed costs each month of $25,500. (a) Find the cost function C when x benches are manufactured. (b) Find the revenue function R when x benches are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the break-even point means.
The manufacturer of an energy drink spends $1.20 to make each drink and sells them for $2. The manufacturer also has fixed costs each month of $8,000. (a) Find the cost function C when x energy drinks aremanufactured. (b) Find the revenue function R when x drinks are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the breakeven point means.
The manufacturer of a water bottle spends $5 to build each bottle and sells them for $10. The manufacturer also has fixed costs each month of $6500. (a) Find the cost function C when x bottles are manufactured. (b) Find the revenue function R when x bottles are sold. (c) Show the break-even point by graphing both the Revenue and Cost functions on the same grid. (d) Find the break-even point. Interpret what the break-even point means.
Use your schools library, the Internet, or some other reference source to find the real-life applications of constrained optimization.
A company determines that its weekly profit from manufacturing and selling x units of a certain item is given by Px=-x3+3x2+2880x-500. Use a graphing utility to find the weekly production rate that will maximize the profit.

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If the demand for a pair of shoes is given by 2p+ 5q = 200 and the supply function for it is p-2q = 10, compare the quantity demanded and the quantity supplied when the price is $60. Will there be a surplus or shortfall at this price?