Please Solve This Problem The quantity demanded x (in units of a hundred) of the

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Please Solve This Problem

The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = -0.2x^2 + 160 and 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 p (in dollars) by p = 0.1x^2 + 5x + 80. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.)

Explanation / Answer

Firstly equating both these equations and getting equilibrium point we get x=10,p=140

Now graphically and using definite integration,

consumer surplus: 400/3

Producer surplus: 950/3

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