The demand and supply functions for a product are as follows: Demand : p= 0.009q² - 2q + 61 Supply p= 0.009q2 + 20 a. Determine the consumers' surplus and producers' surplus at the equilibrium point. b. Draw the balance point on a graph (can use https://www.desmos.com or with your own image) c. Give an explanation based on answers (a) and (b)

The demand and supply functions for a product are as follows: Demand : p= 0.009q² - 2q + 61 Supply p= 0.009q2 + 20 a. Determine the consumers' surplus and producers' surplus at the equilibrium point. b. Draw the balance point on a graph (can use https://www.desmos.com or with your own image) c. Give an explanation based on answers (a) and (b)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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