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The demand and supply curves for Fuji apples are given by QD = 50 - 6P and QS = 4P - 2, where P is
The demand and supply curves for Fuji apples are given by QD = 50 - 6P and QS = 4P - 2, where P is price per bag and Q is in thousands of bags. What are consumer surplus and producer surplus at the equilibrium price?CS = $29,422; PS = $44,180 CS = $29,422; PS = $7,657 CS = $856,000; PS = $1,126,113 CS = $450; PS = $44,180
(please explain how to get cs and ps in your answer, thanks)
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