Chapter 5.1, Problem 7E

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.

$D\left(x\right)=8800-30x,S\left(x\right)=7000+15x$

a. (a) $\left(40,\$7600\right)$

b. (b) $24,000

c. (c) $12,000