In this problem, p is in dollars and x is the number of units. The demand function for a certain product is p = 144 – x² and the supply function is p = x² + 2x + 104. Find the equilibrium point. (х, р) %3D Find the consumer's surplus there. (Round your answer to the nearest cent.) $

In this problem, p is in dollars and x is the number of units. The demand function for a certain product is p = 144 – x² and the supply function is p = x² + 2x + 104. Find the equilibrium point. (х, р) %3D Find the consumer's surplus there. (Round your answer to the nearest cent.) $

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1QP

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

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In this problem, p is in dollars and x is the number of units.
The demand function for a certain product is p = 144 – x² and the supply function is p = x² + 2x + 104. Find the equilibrium point.
(x, p) = (
Find the consumer's surplus there. (Round your answer to the nearest cent.)
2$

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