Question

D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. D(x)= (x-6)^2 S(x)= x^2 + 4x + 4

Name: dx is the price in dollars per unit that consumers are willing to pay for x units of an item and sx is the price in dollars per unit that producers are willing to accept for x units find a t 14974
Uploaded: 2023-05-17T22:55:29-08:00
Duration: 4 min 48 s
Channel: Eduard Sanchez
Description: dx is the price in dollars per unit that consumers are willing to pay for x units of an item and sx is the price in dollars per unit that producers are willing to accept for x units find a t 14974

          D(x) is the price, in dollars per unit, that consumers are
willing to pay for x units of an item, and S(x) is the price, in
dollars per unit, that producers are willing to accept for x
units. Find
(a)
the equilibrium point,
(b)
the consumer surplus at the equilibrium point, and
(c)
the producer surplus at the equilibrium point.
D(x)= (x-6)^2
S(x)= x^2 + 4x + 4

Added by Joshua M.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Eduard Sanchez

05/17/2023

Step 1

The equilibrium point occurs when the demand and supply functions are equal, i.e., D(x) = S(x). So, we have: $(x-6)^2 = x^2 + 4x + 4$ Expanding and simplifying, we get: $x^2 - 12x + 36 = x^2 + 4x + 4$ $16x = 32$ $x = 2$ Now, we can find the equilibrium Show more…

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D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. D(x)= (x-6)^2 S(x)= x^2 + 4x + 4