Question: CONSUMERS' AND PRODUCERS' SURPLUS The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation
p = 144 - x2
Where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is
p = 48 + (1/2)x2
Dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price.