P Consumer Supply surplus curve Point of equilibrium Po (Xo, Po) Demand Producer curve surplus p,(x) = 50 – 0.5x, p,(x) = 0.125x p,(x) = 1000 – 0.4x², p,(x) = 42x

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Find the consumer surplus and producer surplus for the given demand [ p1(x)] and supply [ p2(x)] curves. The consumer surplus and producer surplus are represented by the areas shown in the figure.

P
Consumer
Supply
surplus
curve
Point of
equilibrium
Po
(Xo, Po)
Demand
Producer
curve
surplus
p,(x) = 50 – 0.5x, p,(x) = 0.125x
p,(x) = 1000 – 0.4x², p,(x) = 42x
Transcribed Image Text:P Consumer Supply surplus curve Point of equilibrium Po (Xo, Po) Demand Producer curve surplus p,(x) = 50 – 0.5x, p,(x) = 0.125x p,(x) = 1000 – 0.4x², p,(x) = 42x
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