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Problem related to consumers and the producers surplus

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Reference no: EM131637618

Question: CONSUMERS' AND PRODUCERS' SURPLUS The quantity demanded x (in units of a hundred) of the Sportsman 5 × 7 tents, per week, is related to the unit price p (in dollars) by the relation

p = -0.1x2 - x + 40

The quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price by the relation

p = 0.1x2 + 2x + 20

If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus.

Reference no: EM131637618

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