Suppose that the direct demand and direct supply functions are x = √200 - p and x = √p - 38, respectively (wherex is quantity and p is price). Solve for the equilibrium price and quantity. Using integral, determine the consumer,producer and social surplus.

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Answered: Suppose that the direct demand and…

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section1.3: Lines

Problem 92E

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Suppose that the direct demand and direct supply functions are x = √200 - p and x = √p - 38, respectively (where x is quantity and p is price). Solve for the equilibrium price and quantity. Using integral, determine the consumer, producer and social surplus.