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Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(x) = 60-27 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = x + 5 dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 41, find the consumers' surplus and the producers' surplus. The consumers' surplus is $4853.52 (Your answer must begin with S.) The producers' surplus is -0.00934948z (Your answer must begin with S.)

Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(x) = 60-27 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = x + 5 dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 41, find the consumers' surplus and the producers' surplus. The consumers' surplus is $4853.52 (Your answer must begin with S.) The producers' surplus is -0.00934948z (Your answer must begin with S.)

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(x) = 60-27 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = x +5 dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 41, find the consumers' surplus and the producers' surplus. The consumers' surplus is $4853.52. (Your answer must begin with $.) The producers' surplus is -0.00934948z (Your answer must begin with $.)
Transcribed Image Text:Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(x) = 60-27 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = x +5 dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 41, find the consumers' surplus and the producers' surplus. The consumers' surplus is $4853.52. (Your answer must begin with $.) The producers' surplus is -0.00934948z (Your answer must begin with $.)
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