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April 18, 2014

Homework Help: math

Posted by please help! on Thursday, December 6, 2012 at 11:39pm.

The quantity demanded x (in units of a hundred) of the Mikado miniature cameras/week is related to the unit price p (in dollars) by

p = −0.2x2 + 80

and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by

p = 0.1x2 + 2.5x + 60

If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.)

consumers' surplus $ ?

producers' surplus $ ?

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