For the demand function d(x) and supply function s(x), complete the following.
d(x) = 600 – 0.8x, s(x) = 0.4x
(a) Find the market demand (the positive value of x at which the demand function intersects the supply function). x = ________
(b) Find the consumers’ surplus at the market demand found in part (a). $ ________
(c) Find the producers’ surplus at the market demand found in part (a). $ ________
For the demand function d(x) and supply function s(x), complete the following.
d(x) = 900e–0.03x, s(x) = 300 – 300e–0.04x
(a) Find the market demand (the positive value of x at which the demand function intersects the supply function). (You may use a calculator. Round your answer to two decimal places.) x =________ (b) Find the consumers’ surplus at the market demand found in part (a). (Round your answer to the nearest whole number.) $________
(c) Find the producers’ surplus at the market demand found in part (a). (Round your answer to the nearest whole number.) $________
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