Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(z)=40-2-0174176 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(z)=0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is (Your answer must begin with $.) (Your answer must begin with $.)
Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(z)=40-2-0174176 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(z)=0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is (Your answer must begin with $.) (Your answer must begin with $.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Solve a Consumers' or Producers' Surplus Problem.
A sports watch has a price-demand equation given by
p= D(z) = 40-2-0174176a
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) = 0.6z+4
dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and
the producers' surplus.
The consumers' surplus is. (Your answer must begin with S.)
The producers' surplus is Your answer must begin with $.)
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