The demand function for a certain make of replacement cartridges for a water purifier is given by:
where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand.
Determine the consumers' surplus if the market price is set at...
The demand function is:
p = -0.01x^2 - 0.2x + 15
Where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the wholesale unit price is $12 per tape. Rounded to the nearest cent.
Suppose that the consumers demand function for a certain commodity is D(q)=50-3q-q^2 dollars per unit:
A. Find the number of Units that will be bought if the market price is $32 per unit.
I got q=3 which was right but I got part B wrong!
B.Compute the consumers willingness to spend to get the...
Determine consumers’ surplus and producers’ surplus under market
equilibrium if the demand equation is p = 400 − q2 and the supply equation
is p = 20q + 100.
I got (10,300) as equilibrium pt. Therefore, I ended up with -6883000 for consumer surplus and -927000 for producers surplus. I'm...