Asked by Darryl
The demand function for a certain kind of mattress is given by
p = 600e^−0.04x
where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded each month.
(a) Find the number of mattresses demanded per month if the unit price is
set at $250 per mattress.
(b) Use the results of part (a) to find the consumers’ surplus if the selling
price is set at $250 per mattress.
p = 600e^−0.04x
where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded each month.
(a) Find the number of mattresses demanded per month if the unit price is
set at $250 per mattress.
(b) Use the results of part (a) to find the consumers’ surplus if the selling
price is set at $250 per mattress.
Answers
Answered by
oobleck
(a) 600e^(-0.04x) = 250
e^(-0.04x) = 5/12
-0.04x = ln(5/12)
x = 25 ln(12/5)
(b) again, what is the definition of "consumers' surplus"?
e^(-0.04x) = 5/12
-0.04x = ln(5/12)
x = 25 ln(12/5)
(b) again, what is the definition of "consumers' surplus"?
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.