The quantity demanded x (in units of a hundred) of the miniature cameras per week is related to the unit price p (in dollars) by

And 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 p (in dollars) by

If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. Please round the answers to the nearest dollar.

A) The consumers' surplus: $22,075, the producers' surplus: $26,872
B) The consumers' surplus: $6,667, the producers' surplus: $11,667
C) The consumers' surplus: $22,161, the producers' surplus: $39,729
D) The consumers' surplus: $11,667, the producers' surplus: $6,667
E) The consumers' surplus: $39,729, the producers' surplus: $22,161

Question

The quantity demanded x (in units of a hundred) of the miniature cameras per week is related to the unit price p (in dollars) by ​
​  ​
And 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 p (in dollars) by
​  ​
If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. Please round the answers to the nearest dollar.
​
A) The consumers' surplus: $22,075, the producers' surplus: $26,872 
B) The consumers' surplus: $6,667, the producers' surplus: $11,667 
C) The consumers' surplus: $22,161, the producers' surplus: $39,729 
D) The consumers' surplus: $11,667, the producers' surplus: $6,667 
E) The consumers' surplus: $39,729, the producers' surplus: $22,161

Quizplus · Accepted Answer

The Answer of The quantity demanded x (in units of a hundred) of the miniature cameras per week is related to the unit price p (in dollars) by ​
​  ​
And 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 p (in dollars) by
​  ​
If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. Please round the answers to the nearest dollar.
​
A) The consumers' surplus: $22,075, the producers' surplus: $26,872 
B) The consumers' surplus: $6,667, the producers' surplus: $11,667 
C) The consumers' surplus: $22,161, the producers' surplus: $39,729 
D) The consumers' surplus: $11,667, the producers' surplus: $6,667 
E) The consumers' surplus: $39,729, the producers' surplus: $22,161

The Quantity Demanded X (In Units of a Hundred) of the Miniature