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 + 200 and the quantity
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 + 200 and the quantity
Chapter6: Systems Of Equations And Inequalities
Section6.5: Systems Of Inequalities
Problem 8ECP: The demand and supply equations for a flat-screen television are...
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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) byp = −0.2x2 + 200
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 + 7x + 100.
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.)
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