In Exercises 1-14, D ( x ) is the price, in dollars per unit, that consumers will pay for x units of an item, S ( x ) is the price, in dollars per unit, that producers will 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 ) = − 5 6 x + 9 , S ( x ) = 1 2 x + 1 a. (a) ( 6 , $ 4 ) b. (b) $15 c. (c) $9
In Exercises 1-14, D ( x ) is the price, in dollars per unit, that consumers will pay for x units of an item, S ( x ) is the price, in dollars per unit, that producers will 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 ) = − 5 6 x + 9 , S ( x ) = 1 2 x + 1 a. (a) ( 6 , $ 4 ) b. (b) $15 c. (c) $9
Solution Summary: The author calculates the equilibrium point, where D(x)=-56x+9, and S left (x
In Exercises 1-14,
D
(
x
)
is the price, in dollars per unit, that consumers will pay for x units of an item,
S
(
x
)
is the price, in dollars per unit, that producers will 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.
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