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Qd=120-3P Qs =30 At the
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- Calculate the consumer surplus at the market equilibrium price. Calculate the producer surplus at the market equilibruim price. Calculate the total surplus at the market equilibruim price. At what price will the total surplus be maximized in this market. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The demand function for a certain product is? = 86 − ?2and the supply function is? = ?2 + 6? + 30where p is in millions of dollars and x is the number of thousands of units. Find the equilibriumpoint (x, p), then find the consumer’s surplus and producer’s surplus. Round your answer to thenearest unit (the nearest million dollars).p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT
