Step by Step Solutions

(All Steps) q thousand units of the commodity will be demanded at a price of p = D(q) dollars pre unit, while q thousand units will be supplied by producers

Question:

q thousand units of the commodity will be demanded at a price of p = D(q) dollars pre unit, while q thousand units will be supplied by producers when the price is p = S(q).

\[D(q)=65-{{q}^{2}}\] \[S(q)=\frac{1}{3}{{q}^{2}}+2q+5\]
  1. Find the equilibrium price p e (where supply equals demand)
  2. Find the consumer’s surplus and the producer’s surplus at equilibrium

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