Question

For a quantity x of a certain product the demand function d(x) and the supply function...

For a quantity x of a certain product the demand function d(x) and the supply function s(x) are given by the formulas: d(x) = 720 − 0.06x^2, s(x) = 0.012x^2.

Sketch the graphs of these functions on the same graph and find the market demand, the positive quantity x at which the two curves meet (supply equals demand).

For this value of x also compute the producer surplus and the consumer surplus and indicate on your graph which areas these correspond to.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that the demand and supply functions for good X are: Qd = 298 - 8P...
Suppose that the demand and supply functions for good X are: Qd = 298 - 8P and Qs = - 32 + 4p A. Find the equilibrium price and quantity. B. Sketch this market. [HINT: Be sure to draw the two curves carefully, using inverse demand and supply functions to calculate the quantity- and price-axes intercept points.] C. Use the demand function to calculate consumer surplus. D. Use the supply function to calculate producer surplus. E. What is the total...
The demand for sunglasses is given by D(p) = 100 − 2 p and the supply...
The demand for sunglasses is given by D(p) = 100 − 2 p and the supply curve is given by S(p) =3p (a) Compute the equilibrium price and equilibrium quantity of sunglasses. (b) Sketch both the demand and supply curves on the same graph (be sure to label your axes correctly). (c) Determine the value of consumer surplus and producer surplus at the equilibrium values. Suppose all sunglasses are imported from China. Suppose also that the government imposes an import...
The demand and supply functions for a certain product are given by p=150-0.5q and p=0.002q2+1.5, where...
The demand and supply functions for a certain product are given by p=150-0.5q and p=0.002q2+1.5, where p is in dollars and q is the number of items. (a) Which is the demand function? (b) Find the equilibrium price and quantity (c) Find the total gains from trade at the equilibrium price. with its demand and supply functions, suppose the price is set artificially at $70 (which is above the equilibrium price). (d) Find the quantity supplied and the quantity demanded...
Suppose the demand and supply for a product is given by the following equations: p=d(q)=−0.8q+150 (Demand)...
Suppose the demand and supply for a product is given by the following equations: p=d(q)=−0.8q+150 (Demand) p=s(q)=5.2q (Supply) For both functions, q is the quantity and p is the price. Find the equilibrium point. (Equilibrium price and equilibrium quantity) (1.5 Marks) Compute the consumer surplus. (1.5 Marks) Compute the producer surplus. (1.5 Marks)
The market for a product has inverse demand and supply functions given by p = 290...
The market for a product has inverse demand and supply functions given by p = 290 - 2Qd and p = 10 + 1.5Qs In what form are these functions in? (2pts) Find the market equilibrium quantity Q* and price P*. (5pts) Draw out a simple graph with these curves. Label the p-intercept for each and indicate the equilibrium points. (5pts) Find the consumer and producer surpluses, along with the total surplus.(10pts) (i) Would this market be considered efficient? (2pts)
1. Consider the following demand and supply functions for a good or service: Qd = 400...
1. Consider the following demand and supply functions for a good or service: Qd = 400 - 5P and Qs= 3P. a) Graph the supply and demand functions in the typical manner with price per unit (P) on the Y-axis and quantity on the X-axis. Make sure to clearly mark X-intercept and Y-intercept on the graph. b) What is the slope of each line? Show your calculations. c) What is the equilibrium price and quantity? Show your calculations. Show the...
Consider the market for butter in Saudi Arabia. The demand and supply relations are given as...
Consider the market for butter in Saudi Arabia. The demand and supply relations are given as follows: Demand:             QD = 12 - 2P Supply:                Qs = 3P - 3. P is the price of butter. Calculate: Equilibrium price _____________                   2. Equilibrium quantity _____________ Consumer surplus ___________                       4. Producer surplus ___________ Draw the demand and supply graphs. Show the equilibrium price and quantity, consumer surplus and producer surplus in the graph below. Graphs must be on scale. Suppose government imposes...
Assume the demand function is D(x)= -0.6x2+160 and the supply function is S(x)= 0.4x2 +x+50 find...
Assume the demand function is D(x)= -0.6x2+160 and the supply function is S(x)= 0.4x2 +x+50 find the consumer surplus A) 100 200 300 400 500 600 700 None
The demand for a product is given by p = d ( q ) = −...
The demand for a product is given by p = d ( q ) = − 0.8 q + 150 and the supply for the same product is given by p = s ( q ) = 5.2 q. For both functions, q is the quantity and p is the price in dollars. Suppose the price is set artificially at $70 (which is below the equilibrium price). a) Find the quantity supplied and the quantity demanded at this price. b)...
1). Find the consumer and producer surpluses by using the demand and supply functions, where p...
1). Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function Supply Function p = 410 − x p = 160 + x consumer surplus $_________ millionsproducer surplus $ ________millions 2) Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in...