Question
Find the equilibrium price and quantity then find the consumers' surplus and the producers' surplus at the equilibrium price level for the given price- demand
Find the equilibrium price and quantity then find the consumers' surplus and the producers' surplus at the equilibrium price level for the given price- demand and price-supply equations below. Include ONE labelled sketch (not necessarily to scale) that identifies the price-demand function, the price-supply function, the equilibrium price, the equilibrium quantity, the consumers' surplus and the producers' surplus. ( Round all values to the nearest integer. Be sure to use the correct unit in your final answers) Price-demand equation price-supply equation p = D(x) = 20 - 0.003x2 ; p = S(x) = 8 + 0.006x2 a) Finding equilibrium price and quantity b) Properly labelled sketch c) Finding Consumer's surplus d) Finding Producer's surplus
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