Question

# 1. In this problem, p and C are in dollars and x is the number of...

1. In this problem, p and C are in dollars and x is the number of units.

A monopoly has a total cost function

C = 1000 + 216x + 0x2 for its product, which has demand function p = 648 ? 3x ? 2x2.

Find the consumer's surplus at the point where the monopoly has maximum profit. (Round your answer to the nearest cent.)

2. In this problem, p is in dollars and x is the number of units.

Suppose that the supply function for a good is p = 4x2 + 10x + 5.

If the equilibrium price is \$341 per unit, what is the producer's surplus there? (Round your answer to the nearest cent.)

3. In this problem, p is in dollars and x is the number of units.

If the supply function for a commodity is p = 10ex/3,

what is the producer's surplus when 15 units are sold? (Round your answer to the nearest cent.)

4. In this problem, p is in dollars and x is the number of units.

Find the producer's surplus at market equilibrium for a product if its demand function is p = 100 ? x2

and its supply function is p = x2 + 8x + 58.

(Round your answer to the nearest cent.)

Answer #1

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