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7) Given the supply and demand functions: D(X) = 4722? and Stx) = SJ; where x is the units and x D(x) and 50:) are
7) Given the supply and demand functions: D(X) = 4722? and Stx) = SJ; where x is the units and x D(x) and 50:) are the price in dollars. a) Find the equilibrium point b) Set up, but do not evaluate, the expression for the consumer's surplus at equilibrium c) Set up, but do not evaluate, the expression for the producer's surplus at equilibrium d) D00 and 50:) are graphed, label the axes, and indicate where all of the above are on the graph
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