Factory orders for an air conditioner are about 4000 units per week when the price is $350 and about 6000 units per week when the price is $325. The supply function is given by p = 0.0275x. Find the consumer and producer surpluses. (Assume the demand function is linear.)
Factory orders for an air conditioner are about 4000 units per week when the price is $350 and about 6000 units per week when the price is $325. The supply function is given by p = 0.0275x. Find the consumer and producer surpluses. (Assume the demand function is linear.)
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.CT: Test
Problem 19CT
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Factory orders for an air conditioner are about 4000 units per week when the price is $350 and about 6000 units per week when the price is $325. The supply function is given by
p = 0.0275x.
Find the consumer and producer surpluses. (Assume the demand function is linear.)
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