The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q)=q²+10q, D(q)=1152-18q-q² a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. ○ A. 1000- ○ B. Q Q 1000- 1000- b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (18,504). (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $☐ (Type an integer or decimal rounded to the nearest hundredth as needed.) ○ D. 1000-
The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q)=q²+10q, D(q)=1152-18q-q² a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. ○ A. 1000- ○ B. Q Q 1000- 1000- b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (18,504). (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $☐ (Type an integer or decimal rounded to the nearest hundredth as needed.) ○ D. 1000-
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 8.3IP: Hand Sanitizer
Due to the H1N1 flu outbreak, the demand for hand sanitizer has tripled. Should...
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