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I need help with this problem to figure out the solution. Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation
I need help with this problem to figure out the solution.
Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(z) = 85- o0.308746x dollars, which gives the price per watch when & watches are demanded. The price-supply equation for the watch is given by p=3S(z) =05z +5 dollars, which gives the price per watch when & watches are supplied. If the equilibrium quantity is 10, find the consumers' surplus and the producers' surplus. The consumers' surplus is| 250.45 | (Your answer must begin with $.) The producers' surplus i5| 525 | (Your answer must begin with .)Step by Step Solution
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