The demand function for a certain brand of CD is given by p =-0.01x2-0.2x + 14 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.9x + 1 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) Need Help? ReadIt essã Practice Another Versio nswer 3. +-1 points TanApMath7 11.7.010 My Notes Ask Your Teacher The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation p = 152-x2 where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is 2 dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $
Show transcribed image textThe demand function for a certain brand of CD is given by p =-0.01x2-0.2x + 14 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.9x + 1 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) Need Help? ReadIt essã Practice Another Versio nswer 3. +-1 points TanApMath7 11.7.010 My Notes Ask Your Teacher The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation p = 152-x2 where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is 2 dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $
