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The quantityx demanded per week, in units of a hundred, of a certain product is related to the unit price p (in dollars) by the
The quantityx demanded per week, in units of a hundred, of a certain product is related to the unit pricep(in dollars) by the relation
p: 0.02x^2-0.2x+238
The quantityx in units of a hundred, that the supplier is willing to make available in the market per week is related to the unit pricepby the relation
p:0.01x^2+0.1x+22
If the market price is set at the equilibrium price, find the consumer's surplus and the producers' surplus.
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