Solve a Consumers' or Producers' Surplus Problem.A sports watch has a price-demand equation given byp= D(z) = 40-2-0174176adollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given byp= S(x) = 0.6z+4dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus andthe producers' surplus.The consumers' surplus is. (Your answer must begin with S.)The producers' surplus is Your answer must begin with $.)

Price- Demand equation: Price supply equation: Equilibrium quantity (x*) = 11Consumer surplus is the…

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 $.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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