A study of a country's colleges and universities resulted in the demand equation 17 = 20,000 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it chargest Ofcials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level ofp dollars is given by q = 5,200 + 0.5;). Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.] equilibrium tuition price p = $3 consumers' surplus C5 = $: producers' surplus P5 = $: total social gain $ E