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March 30, 2017

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The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation

p = 102 − x^2

where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is

p = 48 + 1/2x^2

dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price. (Round your answers to the nearest dollar.)

consumers' surplus $ ?
producers' surplus $ ?

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