Concept explainers
Re-solve Example 1, Section 6.7, using a graphing utility.
Hint: Use the intersection operation to find the equilibrium quantity and the equilibrium price. Use the numerical integral operation to evaluate the definite integral.
EXAMPLE 1
The demand function for a certain make of ten-speed bicycle is given by
p = D(x) = −0.001 x2 + 250
where p is the unit price in dollars and x is the quantity demanded in thousands of units. The supply function for these bicycles is given by
p = S(x) = 0.0006x2 + 0.02x + 100
where p stands for the unit price in dollars and x stands for the number of bicycles that the supplier will put on the market, in units of a thousand. Determine the consumers’ surplus and the producers’ surplus if the market price of a bicycle is set at the equilibrium price.
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Chapter 6 Solutions
Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach
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