Chapter 5.1, Problem 3E

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.

$D\left(x\right)={\left(x-3\right)}^2,S\left(x\right)=x^2+2x+1$

a. (a) $\left(1,\$4\right)$

b. (b) $2.33

c. (c) $1.67