Find the consumer and producer surpluses (in dollars) by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function p= 200 - 0.2x Supply Function p= 30 + 1.5x consumer surplus producer surplus

Find the consumer and producer surpluses (in dollars) by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function p= 200 - 0.2x Supply Function p= 30 + 1.5x consumer surplus producer surplus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Find the consumer and producer surpluses (in dollars) by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions).
Supply Function
p = 30 + 1.5x
Demand Function
p= 200 - 0.2x
consumer surplus
producer surplus

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