A study of a country\'s colleges and universities resulted in the demand equatio

Question

A study of a country's colleges and universities resulted in the demand equation q = 20,000 %u2212 2p, where q is the enrollment at a public college or university andp is the average annual tuition (plus fees) it charges.%u2020 Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 9,600 + 0.5p. Find the equilibrium tuition price

and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.]

equilibrium tuition price     p = $ consumers' surplus     CS = $ producers' surplus     PS = $ total social gain     $

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