Suppose that the demand curve for students wanting to attend a Hobart and William popular concert each year is demand price, D(x) A where q is q+2 measured in thousands of students and demand price is measured in thousands of dollars. The Colleges are willing to accept students according to the formula for Supply Price, S(x) = Bq %3D 9+1" a) Determine the equilibrium price b) Determine the consumer surplus c) Determine the producer surplus Example: S(x) = 9+1' 569 D(x) = 9+2 180 %3D %3D Note: round q to a whole number
Suppose that the demand curve for students wanting to attend a Hobart and William popular concert each year is demand price, D(x) A where q is q+2 measured in thousands of students and demand price is measured in thousands of dollars. The Colleges are willing to accept students according to the formula for Supply Price, S(x) = Bq %3D 9+1" a) Determine the equilibrium price b) Determine the consumer surplus c) Determine the producer surplus Example: S(x) = 9+1' 569 D(x) = 9+2 180 %3D %3D Note: round q to a whole number
Chapter3: Functions
Section3.3: Rates Of Change And Behavior Of Graphs
Problem 3SE: How are the absolute maximum and minimum similar to and different from the local extrema?
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Transcribed Image Text:Suppose that the demand curve for students wanting to attend a Hobart and
A
William popular concert each year is demand price, D(x)
where q is
q+2
measured in thousands of students and demand price is measured in
thousands of dollars. The Colleges are willing to accept students according to
the formula for Supply Price, S(x) =
Bq
%3D
q+1'
a) Determine the equilibrium price
b) Determine the consumer surplus
c) Determine the producer surplus
569
Example: S(x) =
9+1'
D(x) =
180
%3D
%3D
9+2
Note: round q to a whole number
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