Find consumer's surplus at maximum profit level.
Not what you're looking for?
A monopoly has a total cost function c = 250 + x^2 + 5x for its product, which has demand function p = (-1/3)x^2 - 2x +30.
Find the consumer's surplus at the point where the monopoly has a maximum profit.
Purchase this Solution
Solution Summary
The solution finds consumer's surplus at maximum profit level.
Solution Preview
First we graph the demand curve and cost curve.
You may want to look at http://en.wikipedia.org/wiki/File:Monopoly-surpluses.svg; this picture will tell you where everything is (labeled clearly). Our graph (attached) will look something like ...
Purchase this Solution
Free BrainMass Quizzes
Exponential Expressions
In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.
Solving quadratic inequalities
This quiz test you on how well you are familiar with solving quadratic inequalities.
Probability Quiz
Some questions on probability
Multiplying Complex Numbers
This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.
Graphs and Functions
This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.