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 $

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

Section: Chapter Questions

Problem 1Q

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

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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