The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by
p = −0.2x^2 + 220
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 = 0.1x^2 + 8x + 110.
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.)
consumer's surplus = ?
producer's surplus = ?
0 answers