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Consumer's / Producer's Surplus: Given the demand function D(x)=(x- 14)^2 and the supply function S(x)=(x^2) +28 a. Find the sales level that will satisfy both
Consumer's / Producer's Surplus: Given the demand function D(x)=(x- 14)^2 and the supply function S(x)=(x^2) +28
a. Find the sales level that will satisfy both the buyer and the seller
b. Find the consumer's surplus at the given sales level and give a brief explanation of what the value means.
c.Find the producer's surplus at the given sales level and give a brief explanation of what the value means.
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