Consumers' and Producers' Surplus The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation p = 140 - x2 where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is p=44+. dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price. (Round your answers to the nearest dollar.) consumer's surplus producer's surplus $ $
Consumers' and Producers' Surplus The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation p = 140 - x2 where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is p=44+. dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price. (Round your answers to the nearest dollar.) consumer's surplus producer's surplus $ $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Consumers' and Producers' Surplus The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to
the unit price p by the relation
p = 140 - x2
where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is
p = 44 +
1x2
dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price. (Round your answers to the nearest dollar.)
consumer's surplus
producer's surplus
+A
+A
$
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