Chapter 5.1, Problem 1E

In Exercises 1-14, $D\left(x\right)$ is the price, in dollars per unit, that consumers will pay for x units of an item, $S\left(x\right)$ is the price, in dollars per unit, that producers will accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point.

$D\left(x\right)=-3x+7,S\left(x\right)=2x+2$

a. (a) $\left(1,\$4\right)$

b. (b) $1.50

c. (c) $1