Question

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

Answer 1