The supply function for oil is given (in dollars) by S(q), and the demand function is given (in dollars) by D(q). S(q) = q^2 + 14q, D(q) = 1056 - 20q - q^2 a. Graph the supply and demand curves. Choose the correct graph. S(q) is the solid line, and D(q) is the dashed line. A. B. C. D. b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (Type an ordered pair.) c. Find the consumers' surplus. The consumers' surplus is $. (Type an integer or decimal rounded to the nearest hundredth as needed.) d. Find the producers' surplus. The producers' surplus is $. (Type an integer or decimal rounded to the nearest hundredth as needed.) Click to select your answer(s).
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