1) Suppose the supply function for a product is p=40+0.001x 2 and the demand fun

Question

1) Suppose the supply function for a product is p=40+0.001x2and the demand function is p=120%u20130.2x, where x is the number of units and p is the price in dollars. If the market equilibrium price is $80, find (a) the consumer%u2019s surplus and (b) the producer%u2019s surplus.  

2) Find the area between y=2x+4 and y=x2%u2013x.

Suppose the supply function for a product is p=40+0.001x2 and the demand function is p=120%u20130.2x, where x is the number of units and p is the price in dollars. If the market equilibrium price is $80, find (a) the consumer%u2019s surplus and (b) the producer%u2019s surplus. Find the area between y=2x+4 and y=x2%u2013x.

Explanation / Answer

1)

At equilibrium price = demand price

80 =

2)area between y=2x+4 and y=x^2%u2013x

they meet at x=4, x=-1

so, area = int(-1 to 4) (x^-x-(2x+4))dx

= int(-1 to 4) (x^2 -3x-4) dx

= (x^3)/3 -3x^2)/2 -4x)(-1 to 4)

= -20.833

magnitude is 20.8333 sq.uts is the area between curves

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