In Problems 77 − 84, find the consumers’ surplus and the producers’ surplus at the equilibrium price level for the given price- demand and price–supply equations. Include a graph that identifies the consumers’ surplus and the producers’ surplus. Round all values to the nearest integer. 77 . P = D ( x ) = 50 − 0.1 x ; P = S ( x ) = 11 + 0.05 x
In Problems 77 − 84, find the consumers’ surplus and the producers’ surplus at the equilibrium price level for the given price- demand and price–supply equations. Include a graph that identifies the consumers’ surplus and the producers’ surplus. Round all values to the nearest integer. 77 . P = D ( x ) = 50 − 0.1 x ; P = S ( x ) = 11 + 0.05 x
Solution Summary: The author compares the consumers' and producers' surpluses based on the price-demand equation.
In Problems 77−84, find the consumers’ surplus and the producers’ surplus at the equilibrium price level for the given price- demand and price–supply equations. Include a graph that identifies the consumers’ surplus and the producers’ surplus. Round all values to the nearest integer.
77.
P
=
D
(
x
)
=
50
−
0.1
x
;
P
=
S
(
x
)
=
11
+
0.05
x
1. A company estimates the profit for selling a certain commodity by the given
function, P(x) = -x² +88x + 1200 where x is measured in units. Find the
level(s) of production when the company will break even.
%3D
4.
After purchasing your car, you want to determine how fuel economic your
car is in comparison to other cars and come across the table on the right.
Fuel
Annual
Efficiency
Fuel Cost
(L/100 km)
($)
a)
Looking at the annual fuel cost (dollars) with respect to the average
miles per gallon, determine whether the data provided represents a
linear, quadratic or exponential relationship.
Hint: Find 1st difference, 2nd difference, etc.
Toyota Prius
4
1248
Volkswagen Golf
8.
2496
Jeep Grand
Cherokee
19
5928
Mercedes-Benz
20
6240
G Wagon
c)
Kiana drives a Chevrolet Volt with a fuel economy of 2.5 L/100 km. Use
Hyundai Genesis
Coupe
30
9360
the equation to determine her annual fuel cost.
Assuming $1.30/L and an average of 24,000
km driven annually.
*
Giovanni drives a Jeep Grand Cherokee and paid $4992.00 last year in fuel. Use the equation to determine his
car's average fuel efficiency.
d)
10. In the following equation, GDP refers to gross domestic product, and FDI refers to
foreign direct investment.
In(GDP) = 2.65 +0.222ln(BANKCREDIT) + 0.198FDI
Which of the following statements is then true?
A. If FDI increases by 1%, GDP increases by approximately 22.2%, the amount of
bank credit remaining constant.
B. If FDI increases by 1%, GDP increases by approximately 26.5%, the amount of
bank credit remaining constant.
C. If FDI increases by 1%, GDP increases by approximately 21.9%, the amount of
bank credit remaining constant.
D. If FDI increases by 1%, GDP increases by approximately 0.222%, the amount of
bank credit remaining constant.
11. The population parameters estimated using econometric methods are generally used for
or
A. testing hypotheses; predicting
B. confirming; denying effects of policy
C. validation; repudiation
D. generating data; probability distributions
12. Which of the following refers to panel data?
A. Data on the unemployment rate in Tanzania over a…
Chapter 6 Solutions
Pearson eText for Calculus for Business, Economics, Life Sciences, and Social Sciences -- Instant Access (Pearson+)
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