A popular three-story dollhouse has a price-demand equation given by p = D(x) = 166 - 0.6x and the price-supply equation is given by p = S(x) = 0.4x + 116, where x is the number of dollhouses demanded/supplied when the price is p dollars each. (Round your answers to the nearest cent if necessary.) (a) Find the consumers' surplus for the dollhouses. (b) Find the producers' surplus for the dollhouses.
A popular three-story dollhouse has a price-demand equation given by p = D(x) = 166 - 0.6x and the price-supply equation is given by p = S(x) = 0.4x + 116, where x is the number of dollhouses demanded/supplied when the price is p dollars each. (Round your answers to the nearest cent if necessary.) (a) Find the consumers' surplus for the dollhouses. (b) Find the producers' surplus for the dollhouses.
Chapter7: Rational Expressions And Functions
Section7.5: Solve Applications With Rational Equations
Problem 7.106TI: Xander’s new business found that the daily demand for its product was inversely proportional to the...
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Transcribed Image Text:A popular three-story dollhouse has a price-demand equation given by p = D(x) = 166 - 0.6x and the price-supply
equation is given by p = S(x) = 0.4x + 116, where x is the number of dollhouses demanded/supplied when the price is
p dollars each. (Round your answers to the nearest cent if necessary.)
(a) Find the consumers' surplus for the dollhouses.
(b) Find the producers' surplus for the dollhouses.
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