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à Secure I https//www.mathod.com/Student/Player lest apx/testld- Testapx?testld-168539511&centerwin-yes; Fall 2017 Math1425V01 Quiz: Quiz 8 Tise Remaining: 01:2750 Sb Quiz This 9 of 20 Dx) is the price, in dollars per unt, hat consumers ane wiling to pay for x unts of an idem, and S(x) s the price, in dollars per unst, that protucers are wilng to accept oe x units Find (a) the eqaibrium poink (b) the consumer suplus al the equtbrium pont, and (c) the producer surplks at the equibium pont D(x)= 3500-40x. S(x)-1700 + 5x (a) What are the coordinatos of the equilbrium point? (Type an ordered par) (b) What is the consumer surplus at the equiabrium pont? (Round to the nearest cont as needed ) (e) What is the producer surplus at the eqailtorium point? s(Rund lore nearest cert as needed ) Enter your answer in each of the answer baxes Save for Later .pe here to search

Explanation / Answer

(a)

D(x) = 3500-40x

S(x) = 1700+5x

at equillubrium point: D(x) = S(x)

3500 - 40x = 1700 + 5x

45x = 1800

x = 40

S(x) = 1700 + 5*40 = 1900

so coordinates are (400, 1900)

(b)

D(x) = 3500 - 40*40 = 1900

D(Max) = 3500

surplus = 3500 - 1900 = 1600

(c)

S(x) = 1700 + 5*40 = 1900

S(min) = 1700 + 5*0 = 1700

surplus = 1900 - 1700 =200

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