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Applied Calculus for the Manageria...

10th Edition
Soo T. Tan
ISBN: 9781285464640

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BuyFindarrow_forward

Applied Calculus for the Manageria...

10th Edition
Soo T. Tan
ISBN: 9781285464640
Textbook Problem

For the supply equations in Exercises 61-64, where x is the quantity supplied in units of a thousand and p is the unit price in dollars, (a) sketch the supply curve and (b) determine the price at which the supplier will make 2000 units of the commodity available in the market.

64. p = x3 + x + 10

(a)

To determine

To sketch: The supply curve for given equation.

Explanation

Given:

The supply equation is,

p=x3+x+10 (1)

Where,

  • x represents the quantity supplied in units of a thousand.
  • p is unit price in dollars.

Graph:

Substitute 0 for x in equation (1) to calculate y-intercept of p.

p(0)=(0)3+(0)+10=10

Substitute different values of x for the additional value of p(x) as shown in the table below

(b)

To determine
The price at which supplier will make 2000 units of commodity.

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