The demand and supply for gloves are P= 120-3Q P=-20+2Q a

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1. The demand and supply for gloves are

P= 120-3Q

P=-20+2Q

a. Calculate the equilibrium quantity and price. Plot these equations on a graph an label all axes, curves, intercepts, and equilibrium values.

b. Suppose the government sets P=40. Is this a price floor or a price ceiling? will there be surplus or shortage? How much? Show your calculations algebraically and show on a separate graph.

 

1. Find the maximum and/ or minimum values for each of the following functions using the rule so derivatives. Prove that you found maximum or minimum value:

Y= x²-6x+6

Y=2³-3x²

P=-2Q^W+8Q

C=Y+100

Q=120-2.5P

Y=X³-3X²-9X

Y=X²-20X+20

Y=1/3T³-2T²-5T+8

Y=X²-8X+6

Y=1/3X³-X²-3

Y=4³-6X²

Q=64P+1/P

P=200-2Q²

P=200-2(Q-4)²