Suppose the demand for a product is given by p=d(q)=−0.8q+150
and the supply for the same product is given by p=s(q)=5.2q
For both functions, q is the quantity and p is the price, in dollars.
1. Find the equilibrium point.
2. Find the consumer surplus at the equilibrium price.
3. Find the producer surplus at the equilibrium price.