Answered: Given: (x is number of items) Demand…

Given: (x is number of items) Demand function: d(x)=396.9−0.5x2 Supply function: s(x)=0.4x2 Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter14: Discrete Dynamical Systems

Section14.3: Determining Stability

Problem 1YT

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Question

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Given: (x is number of items)
Demand function: d(x)=396.9−0.5x2
Supply function: s(x)=0.4x2

Find the equilibrium quantity:

Find the consumers surplus at the equilibrium quantity:

Expert Solution