Chapter 5.5, Problem 5CP

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10th Edition

Ron Larson

ISBN: 9781305860919

Textbook Problem

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Checkpoint 5 Worked-out solution available at LarsonAppliedCalculus.com

The demand and supply functions for a product are modeled by

*Demand*
*p* is the price (in dollars) and *x* is the number of units (in millions). Find the consumer and producer surpluses for this product.

To determine

**To calculate:** The consumer and producer surpluses for a product whose demand and supply functions are modelled by

Explanation

**Given Information:**

The demand and supply functions for a product are modeled by

Here, *p* is the price (in dollars) and *x* is the number of units (in millions).

**Formula used:**

The consumer surplus is the area of the region bounded by the graph of the demand function, the horizontal line

The producer surplus is the area of the region bounded by the graph of the supply function, the horizontal line

Here

**Calculation:**

Consider the demand and supply functions,

Compute the points of intersection of two graphs by setting the functions equal to each other and solving for *x*,

Divide both sides by

Substitute

So, the equilibrium point occurs at

Use the formula for the consumer surplus and calculated it for the provided product as follows:

Sect-5.1 P-1CPSect-5.1 P-2CPSect-5.1 P-3CPSect-5.1 P-4CPSect-5.1 P-5CPSect-5.1 P-6CPSect-5.1 P-7CPSect-5.1 P-8CPSect-5.1 P-1SWUSect-5.1 P-2SWU

Sect-5.1 P-3SWUSect-5.1 P-4SWUSect-5.1 P-5SWUSect-5.1 P-6SWUSect-5.1 P-7SWUSect-5.1 P-8SWUSect-5.1 P-9SWUSect-5.1 P-10SWUSect-5.1 P-1ESect-5.1 P-2ESect-5.1 P-3ESect-5.1 P-4ESect-5.1 P-5ESect-5.1 P-6ESect-5.1 P-7ESect-5.1 P-8ESect-5.1 P-9ESect-5.1 P-10ESect-5.1 P-11ESect-5.1 P-12ESect-5.1 P-13ESect-5.1 P-14ESect-5.1 P-15ESect-5.1 P-16ESect-5.1 P-17ESect-5.1 P-18ESect-5.1 P-19ESect-5.1 P-20ESect-5.1 P-21ESect-5.1 P-22ESect-5.1 P-23ESect-5.1 P-24ESect-5.1 P-25ESect-5.1 P-26ESect-5.1 P-27ESect-5.1 P-28ESect-5.1 P-29ESect-5.1 P-30ESect-5.1 P-31ESect-5.1 P-32ESect-5.1 P-33ESect-5.1 P-34ESect-5.1 P-35ESect-5.1 P-36ESect-5.1 P-37ESect-5.1 P-38ESect-5.1 P-39ESect-5.1 P-40ESect-5.1 P-41ESect-5.1 P-42ESect-5.1 P-43ESect-5.1 P-44ESect-5.1 P-45ESect-5.1 P-46ESect-5.1 P-47ESect-5.1 P-48ESect-5.1 P-49ESect-5.1 P-50ESect-5.1 P-51ESect-5.1 P-52ESect-5.1 P-53ESect-5.1 P-54ESect-5.1 P-55ESect-5.1 P-56ESect-5.1 P-57ESect-5.1 P-58ESect-5.1 P-59ESect-5.1 P-60ESect-5.1 P-61ESect-5.1 P-62ESect-5.1 P-63ESect-5.1 P-64ESect-5.1 P-65ESect-5.1 P-66ESect-5.1 P-67ESect-5.1 P-68ESect-5.1 P-69ESect-5.1 P-70ESect-5.1 P-71ESect-5.1 P-72ESect-5.1 P-73ESect-5.1 P-74ESect-5.1 P-75ESect-5.2 P-1CPSect-5.2 P-2CPSect-5.2 P-3CPSect-5.2 P-4CPSect-5.2 P-5CPSect-5.2 P-6CPSect-5.2 P-7CPSect-5.2 P-8CPSect-5.2 P-1SWUSect-5.2 P-2SWUSect-5.2 P-3SWUSect-5.2 P-4SWUSect-5.2 P-5SWUSect-5.2 P-6SWUSect-5.2 P-7SWUSect-5.2 P-8SWUSect-5.2 P-9SWUSect-5.2 P-1ESect-5.2 P-2ESect-5.2 P-3ESect-5.2 P-4ESect-5.2 P-5ESect-5.2 P-6ESect-5.2 P-7ESect-5.2 P-8ESect-5.2 P-9ESect-5.2 P-10ESect-5.2 P-11ESect-5.2 P-12ESect-5.2 P-13ESect-5.2 P-14ESect-5.2 P-15ESect-5.2 P-16ESect-5.2 P-17ESect-5.2 P-18ESect-5.2 P-19ESect-5.2 P-20ESect-5.2 P-21ESect-5.2 P-22ESect-5.2 P-23ESect-5.2 P-24ESect-5.2 P-25ESect-5.2 P-26ESect-5.2 P-27ESect-5.2 P-28ESect-5.2 P-29ESect-5.2 P-30ESect-5.2 P-31ESect-5.2 P-32ESect-5.2 P-33ESect-5.2 P-34ESect-5.2 P-35ESect-5.2 P-36ESect-5.2 P-37ESect-5.2 P-38ESect-5.2 P-39ESect-5.2 P-40ESect-5.2 P-41ESect-5.2 P-42ESect-5.2 P-43ESect-5.2 P-44ESect-5.2 P-45ESect-5.2 P-46ESect-5.2 P-47ESect-5.2 P-48ESect-5.2 P-49ESect-5.2 P-50ESect-5.2 P-51ESect-5.2 P-52ESect-5.2 P-53ESect-5.2 P-54ESect-5.2 P-55ESect-5.2 P-56ESect-5.2 P-57ESect-5.2 P-58ESect-5.2 P-59ESect-5.2 P-60ESect-5.2 P-61ESect-5.2 P-62ESect-5.3 P-1CPSect-5.3 P-2CPSect-5.3 P-3CPSect-5.3 P-4CPSect-5.3 P-5CPSect-5.3 P-6CPSect-5.3 P-7CPSect-5.3 P-1SWUSect-5.3 P-2SWUSect-5.3 P-3SWUSect-5.3 P-4SWUSect-5.3 P-5SWUSect-5.3 P-6SWUSect-5.3 P-7SWUSect-5.3 P-8SWUSect-5.3 P-1ESect-5.3 P-2ESect-5.3 P-3ESect-5.3 P-4ESect-5.3 P-5ESect-5.3 P-6ESect-5.3 P-7ESect-5.3 P-8ESect-5.3 P-9ESect-5.3 P-10ESect-5.3 P-11ESect-5.3 P-12ESect-5.3 P-13ESect-5.3 P-14ESect-5.3 P-15ESect-5.3 P-16ESect-5.3 P-17ESect-5.3 P-18ESect-5.3 P-19ESect-5.3 P-20ESect-5.3 P-21ESect-5.3 P-22ESect-5.3 P-23ESect-5.3 P-24ESect-5.3 P-25ESect-5.3 P-26ESect-5.3 P-27ESect-5.3 P-28ESect-5.3 P-29ESect-5.3 P-30ESect-5.3 P-31ESect-5.3 P-32ESect-5.3 P-33ESect-5.3 P-34ESect-5.3 P-35ESect-5.3 P-36ESect-5.3 P-37ESect-5.3 P-38ESect-5.3 P-39ESect-5.3 P-40ESect-5.3 P-41ESect-5.3 P-42ESect-5.3 P-43ESect-5.3 P-44ESect-5.3 P-45ESect-5.3 P-46ESect-5.3 P-47ESect-5.3 P-48ESect-5.3 P-49ESect-5.3 P-50ESect-5.3 P-51ESect-5.3 P-52ESect-5.3 P-53ESect-5.3 P-54ESect-5.3 P-55ESect-5.3 P-56ESect-5.3 P-57ESect-5.3 P-58ESect-5.3 P-1QYSect-5.3 P-2QYSect-5.3 P-3QYSect-5.3 P-4QYSect-5.3 P-5QYSect-5.3 P-6QYSect-5.3 P-7QYSect-5.3 P-8QYSect-5.3 P-9QYSect-5.3 P-10QYSect-5.3 P-11QYSect-5.3 P-12QYSect-5.3 P-13QYSect-5.3 P-14QYSect-5.3 P-15QYSect-5.3 P-16QYSect-5.3 P-17QYSect-5.3 P-18QYSect-5.3 P-19QYSect-5.3 P-20QYSect-5.3 P-21QYSect-5.4 P-1CPSect-5.4 P-2CPSect-5.4 P-3CPSect-5.4 P-4CPSect-5.4 P-5CPSect-5.4 P-6CPSect-5.4 P-7CPSect-5.4 P-8CPSect-5.4 P-9CPSect-5.4 P-1SWUSect-5.4 P-2SWUSect-5.4 P-3SWUSect-5.4 P-4SWUSect-5.4 P-5SWUSect-5.4 P-6SWUSect-5.4 P-7SWUSect-5.4 P-1ESect-5.4 P-2ESect-5.4 P-3ESect-5.4 P-4ESect-5.4 P-5ESect-5.4 P-6ESect-5.4 P-7ESect-5.4 P-8ESect-5.4 P-9ESect-5.4 P-10ESect-5.4 P-11ESect-5.4 P-12ESect-5.4 P-13ESect-5.4 P-14ESect-5.4 P-15ESect-5.4 P-16ESect-5.4 P-17ESect-5.4 P-18ESect-5.4 P-19ESect-5.4 P-20ESect-5.4 P-21ESect-5.4 P-22ESect-5.4 P-23ESect-5.4 P-24ESect-5.4 P-25ESect-5.4 P-26ESect-5.4 P-27ESect-5.4 P-28ESect-5.4 P-29ESect-5.4 P-30ESect-5.4 P-31ESect-5.4 P-32ESect-5.4 P-33ESect-5.4 P-34ESect-5.4 P-35ESect-5.4 P-36ESect-5.4 P-37ESect-5.4 P-38ESect-5.4 P-39ESect-5.4 P-40ESect-5.4 P-41ESect-5.4 P-42ESect-5.4 P-43ESect-5.4 P-44ESect-5.4 P-45ESect-5.4 P-46ESect-5.4 P-47ESect-5.4 P-48ESect-5.4 P-49ESect-5.4 P-50ESect-5.4 P-51ESect-5.4 P-52ESect-5.4 P-53ESect-5.4 P-54ESect-5.4 P-55ESect-5.4 P-56ESect-5.4 P-57ESect-5.4 P-58ESect-5.4 P-59ESect-5.4 P-60ESect-5.4 P-61ESect-5.4 P-62ESect-5.4 P-63ESect-5.4 P-64ESect-5.4 P-65ESect-5.4 P-66ESect-5.4 P-67ESect-5.4 P-68ESect-5.4 P-69ESect-5.4 P-70ESect-5.4 P-71ESect-5.4 P-72ESect-5.4 P-73ESect-5.4 P-74ESect-5.4 P-75ESect-5.4 P-76ESect-5.4 P-77ESect-5.4 P-78ESect-5.4 P-79ESect-5.5 P-1CPSect-5.5 P-2CPSect-5.5 P-3CPSect-5.5 P-4CPSect-5.5 P-5CPSect-5.5 P-6CPSect-5.5 P-1SWUSect-5.5 P-2SWUSect-5.5 P-3SWUSect-5.5 P-4SWUSect-5.5 P-5SWUSect-5.5 P-6SWUSect-5.5 P-7SWUSect-5.5 P-8SWUSect-5.5 P-1ESect-5.5 P-2ESect-5.5 P-3ESect-5.5 P-4ESect-5.5 P-5ESect-5.5 P-6ESect-5.5 P-7ESect-5.5 P-8ESect-5.5 P-9ESect-5.5 P-10ESect-5.5 P-11ESect-5.5 P-12ESect-5.5 P-13ESect-5.5 P-14ESect-5.5 P-15ESect-5.5 P-16ESect-5.5 P-17ESect-5.5 P-18ESect-5.5 P-19ESect-5.5 P-20ESect-5.5 P-21ESect-5.5 P-22ESect-5.5 P-23ESect-5.5 P-24ESect-5.5 P-25ESect-5.5 P-26ESect-5.5 P-27ESect-5.5 P-28ESect-5.5 P-29ESect-5.5 P-30ESect-5.5 P-31ESect-5.5 P-32ESect-5.5 P-33ESect-5.5 P-34ESect-5.5 P-35ESect-5.5 P-36ESect-5.5 P-37ESect-5.5 P-38ESect-5.5 P-39ESect-5.5 P-40ESect-5.5 P-41ESect-5.5 P-42ESect-5.5 P-43ESect-5.5 P-44ESect-5.5 P-45ESect-5.5 P-46ESect-5.5 P-47ESect-5.5 P-48ESect-5.5 P-49ESect-5.5 P-50ESect-5.5 P-51ESect-5.5 P-52ESect-5.5 P-53ESect-5.5 P-54ESect-5.5 P-55ESect-5.5 P-56ESect-5.5 P-57ESect-5.5 P-58ESect-5.6 P-1CPSect-5.6 P-2CPSect-5.6 P-3CPSect-5.6 P-1SWUSect-5.6 P-2SWUSect-5.6 P-3SWUSect-5.6 P-4SWUSect-5.6 P-5SWUSect-5.6 P-6SWUSect-5.6 P-7SWUSect-5.6 P-8SWUSect-5.6 P-9SWUSect-5.6 P-10SWUSect-5.6 P-1ESect-5.6 P-2ESect-5.6 P-3ESect-5.6 P-4ESect-5.6 P-5ESect-5.6 P-6ESect-5.6 P-7ESect-5.6 P-8ESect-5.6 P-9ESect-5.6 P-10ESect-5.6 P-11ESect-5.6 P-12ESect-5.6 P-13ESect-5.6 P-14ESect-5.6 P-15ESect-5.6 P-16ESect-5.6 P-17ESect-5.6 P-18ESect-5.6 P-19ESect-5.6 P-20ESect-5.6 P-29ESect-5.6 P-30ESect-5.6 P-31ESect-5.6 P-33ECh-5 P-1RECh-5 P-2RECh-5 P-3RECh-5 P-4RECh-5 P-5RECh-5 P-6RECh-5 P-7RECh-5 P-8RECh-5 P-9RECh-5 P-10RECh-5 P-11RECh-5 P-12RECh-5 P-13RECh-5 P-14RECh-5 P-15RECh-5 P-16RECh-5 P-17RECh-5 P-18RECh-5 P-19RECh-5 P-20RECh-5 P-21RECh-5 P-22RECh-5 P-23RECh-5 P-24RECh-5 P-25RECh-5 P-26RECh-5 P-27RECh-5 P-28RECh-5 P-29RECh-5 P-30RECh-5 P-31RECh-5 P-32RECh-5 P-33RECh-5 P-34RECh-5 P-35RECh-5 P-36RECh-5 P-37RECh-5 P-38RECh-5 P-39RECh-5 P-40RECh-5 P-41RECh-5 P-42RECh-5 P-43RECh-5 P-44RECh-5 P-45RECh-5 P-46RECh-5 P-47RECh-5 P-48RECh-5 P-49RECh-5 P-50RECh-5 P-51RECh-5 P-52RECh-5 P-53RECh-5 P-54RECh-5 P-55RECh-5 P-56RECh-5 P-57RECh-5 P-58RECh-5 P-59RECh-5 P-60RECh-5 P-61RECh-5 P-62RECh-5 P-63RECh-5 P-64RECh-5 P-65RECh-5 P-66RECh-5 P-67RECh-5 P-68RECh-5 P-69RECh-5 P-70RECh-5 P-71RECh-5 P-72RECh-5 P-73RECh-5 P-74RECh-5 P-75RECh-5 P-76RECh-5 P-77RECh-5 P-78RECh-5 P-79RECh-5 P-80RECh-5 P-81RECh-5 P-82RECh-5 P-83RECh-5 P-84RECh-5 P-85RECh-5 P-86RECh-5 P-87RECh-5 P-88RECh-5 P-89RECh-5 P-90RECh-5 P-91RECh-5 P-92RECh-5 P-93RECh-5 P-94RECh-5 P-95RECh-5 P-96RECh-5 P-97RECh-5 P-98RECh-5 P-99RECh-5 P-100RECh-5 P-101RECh-5 P-102RECh-5 P-103RECh-5 P-104RECh-5 P-105RECh-5 P-106RECh-5 P-107RECh-5 P-108RECh-5 P-109RECh-5 P-110RECh-5 P-111RECh-5 P-112RECh-5 P-113RECh-5 P-114RECh-5 P-115RECh-5 P-1TYSCh-5 P-2TYSCh-5 P-3TYSCh-5 P-4TYSCh-5 P-5TYSCh-5 P-6TYSCh-5 P-7TYSCh-5 P-8TYSCh-5 P-9TYSCh-5 P-10TYSCh-5 P-11TYSCh-5 P-12TYSCh-5 P-13TYSCh-5 P-14TYSCh-5 P-15TYSCh-5 P-16TYSCh-5 P-17TYSCh-5 P-18TYSCh-5 P-19TYSCh-5 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