Question

Find the​ consumers' surplus and the​ producers' surplus at the equlibrium level for the given​ price-demand and​ price-supply equations. Include a graph that identifies the​ consumers' surplus and the​ producers' surplus. Round all values to the nearest integer.

p=​D(x)=61-0.08x ; p=S(x)=13+0.08x​;

The value of x at equilibrium is

The value of p at equilibrium is

The​ consumers' surplus at equilibrium is

The​ producers' surplus at equilibrium is

Identify the correct​ graph, showing the​ consumers' surplus​, shaded silver​, and the​ producers' surplus, shaded blue.

Answer 1

the upper triangle is consumer surplus, the lower triangle is producer surplus.

Area of triangle = 0.5 * base * height

Consumer surplus : area above price and below demand curve.

Producer surplus : area below price and above supply curve.