craig1859 craig1859

15-12-2022
Mathematics

Answered

consider the following supply and demand functions, where price is expressed as a function of quantity. S(x) = 3x + 1
D(x) = -4x + 10
(a) Find the equilibrium quantity, xE.
(b) Find the equilibrium price, pE.
(c) Find the consumer's surplus at the equilibrium point.
(d) Find the producer's surplus at the equilibrium point.

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