Question
22. Consumers' and Producers' Surplus. The quantity demanded x (in units of a hundred) of the...
22. 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 + 50.
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 + 4x + 20.
If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Enter your answers in dollars. Round your answers to the nearest integer.)
consumer's surplus $________
producer's surplus $ _________
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