p = -0.2x2 + 160 d the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit pr p = 0.1x? + 5x + 80. the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answ nsumer's surplus $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by
p = -0.2x2 + 160
and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by
p = 0.1x2 + 5x + 80.
If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.)
consumer's surplus
$
producer's surplus
$
%24
Transcribed Image Text:Consumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = -0.2x2 + 160 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x2 + 5x + 80. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $ %24
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