Find the equlibrium point and interpret your findings

Reference no: EM13337899

The demand for grand pianos can be modeled byD(p)=150.5(.934^p) thousand pianos when the number of grand pianosis $p thousand. The following table gives the data for the numberof grand pianos producers will supply at the associatedprices:

Price(thousand) 12 20 30 40 50 60

Pianos(thousand) 5.3 7.2 14.5 27.3 45.5 69.2

a) find the model for the supply data. The shut down price is$12,000

b) Find the equlibrium point and interpret your findings

c) Find and interpret the 'social gain' of this scenario

Reference no: EM13337899

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