Question

# 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 millions).

 Demand Function Supply Function p = 670 − 25x p = 42x
 consumer surplus ______ \$ producer surplus ______ \$

3). The revenue from a manufacturing process (in millions of dollars per year) is projected to follow the model R = 150

for 10 years. Over the same period of time, the cost (in millions of dollars per year) is projected to follow the model

C = 50 + 0.5t2, where t is the time (in years). Approximate the profit over the 10-year period. (Round your answer to two decimal places.)
\$ ___________million