(a) graph the systems of inequalities representing the consumer surplus and producer surplus for the supply and demand equations and (b) find the consumer surplus and producer surplus. Demand $\qquad$ Supply $p=100-0.05 x \qquad p=25+0.1 x$
Added by Francisco F.
Step 1
05x = 25 + 0.1x$ Combine like terms: $75 = 0.15x$ Solve for x: $x = 500$ Now, plug x back into either equation to find the equilibrium price: $p = 100 - 0.05(500) = 75$ So, the equilibrium point is $(500, 75)$. Show more…
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