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 $ ?
1 answer