Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by -0.0377601z p= D(x) = 80-27 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p = S(x) = 0.5x+1 dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 46, find the consumers' surplus and the producers' surplus. The consumers' surplus is (Your answer must begin with $.) The producers' surplus is (Your answer must begin with $.)
Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by -0.0377601z p= D(x) = 80-27 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p = S(x) = 0.5x+1 dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 46, find the consumers' surplus and the producers' surplus. The consumers' surplus is (Your answer must begin with $.) The producers' surplus is (Your answer must begin with $.)
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section: Chapter Questions
Problem 22T: On the first part of a 350-kilometer trip, a salesperson travels 2 hours and 15 minutes at an...
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Transcribed Image Text:Solve a Consumers' or Producers' Surplus Problem.
A sports watch has a price-demand equation given by
-0.0377601z
p= D(x) = 80-27
dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by
p = S(x) = 0.5x+1
dollars, which gives the price per watch when a watches are supplied. If the equilibrium quantity is 46, find the consumers' surplus and the producers' surplus.
The consumers' surplus is
(Your answer must begin with $.)
The producers' surplus is
(Your answer must begin with $.)
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