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3. Solve the following problem: The supply function for x units of a commodity is p...

3. Solve the following problem: The supply function for x units of a commodity is p = 30 + 100 ln ⁡ ( 2 x + 1 )dollars and the demand function is p = 700 − e^0.1x. Find both the consumer's and producer's surpluses. Use your graphing calculator to find the market equilibrium and compute definite integrals necessary to compute the surpluses. Note you won't be able to do some of the integrals otherwise. Explain your steps.

4. Sketch the supply and demand curves in part 3, label your horizontal axix and vertical axis, supply and demand curves, and equilibrium point, then mark/shade consumer surplus and supplier surplus.

PLEASE DO ALL CLEARLY. IT IS ONE QUESTION

Math   Calculus   
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