The price-demand equation for a particular flashlight is given by p = 127 – 0.003x, where æ is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flaslights if the price is 79 or less, and they will market 6250 flashlights when the price is 104 per flashlight. (a) Find the consumers' surplus for this commodity. (b) Find the producers' surplus for this commodity.
The price-demand equation for a particular flashlight is given by p = 127 – 0.003x, where æ is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flaslights if the price is 79 or less, and they will market 6250 flashlights when the price is 104 per flashlight. (a) Find the consumers' surplus for this commodity. (b) Find the producers' surplus for this commodity.
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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