Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = -0.2x² + 140 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x² + 4x + 70. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus X X

Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = -0.2x² + 140 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x² + 4x + 70. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus X X

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter12: Algebra Of Matrices

Section12.CM: Cumulative Review Problem Set

Problem 114CM

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Similar questions

A T-shirt company can produce and sell x T-shirts per day. The total cost C (in dollars) for producing x T-shirts is C=1480+6x, and the total revenue R (in dollars) is R=15x. Find the profit obtained by selling 225 T-shirts per day.

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