The demand equation for a certain make of toys is given by p=160–0.2x, where p is the unit price in dollars and x is the quantity demanded in units of a hundred. The supply function for these toys is given by p = 4x , where pis the unit price in dollars and x stand for the number of toys that the supplier will put on the market, in units of a hundred. Determine a) the market equilibrium. b) the consumers' surplus at market equilibrium
The demand equation for a certain make of toys is given by p=160–0.2x, where p is the unit price in dollars and x is the quantity demanded in units of a hundred. The supply function for these toys is given by p = 4x , where pis the unit price in dollars and x stand for the number of toys that the supplier will put on the market, in units of a hundred. Determine a) the market equilibrium. b) the consumers' surplus at market equilibrium
Mathematics For Machine Technology
8th Edition
ISBN:9781337798310
Author:Peterson, John.
Publisher:Peterson, John.
Chapter87: An Introduction To G- And M-codes For Cnc Programming
Section: Chapter Questions
Problem 18A
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