Producer surplus (rounded to the nearest dollar) = dollars Submit Answer 4. [-/1 Points] DETAILS MY NOTES Math 110 Course Resources - Applications of Definite Integrals Course Packet on consumer, producer and total surplus The demand and supply functions for Penn State football jerseys are: p = d(x) = \text{-}x^2 - 22x + 202 p = s(x) = 5x^2 + 2x + 10 where x is the number of hundreds of jerseys and p is the price in dollars. (a) Find the equilibrium quantity. Equilibrium quantity, x = which corresponds to jerseys. (b) Compute the total surplus at the equilibrium point. Total surplus = dollars Submit Answer 5. [0.5/1 Points] DETAILS PREVIOUS ANSWERS MY NOTES Determine whether each statement is true or false. You have one submission for each statement. (a) If p denotes the equilibrium price, then the consumer surplus at any price higher than p must be less than or equal to the consumer
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Calculate the producers' surplus for the supply equation at the indicated unit price p. HINT [See Example 2.] (Round your answer to the nearest cent.) q = 500e^0.05p - 50; p = 10 Calculate the producers' surplus for the supply equation at the indicated unit price p. (Round your answer to the nearest cent.) q = 0.25p^2 - 12; p = 12 A study of a country's colleges and universities resulted in the demand equation q = 20,000 - 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges. Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 5,900 + 0.5p. Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.] equilibrium tuition price p = $ consumers' surplus CS = $ producers' surplus PS = $ total social gain
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