Diamond Furnishing inc. is about to start selling a new import coffee table. It estimates the...

 

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Diamond Furnishing inc. is about to start selling a new import coffee table. It estimates the demand curve to be q = D(p) = 1,000/200-2p. The willingness to order such a table is given by the supply curve q=S(p)=1,000/10p-400. a) Determine the equilibrium point (p,q) b) Determine the consumers'; rplus at the equilibrium price c) Determine the producers' surplus at the equilibrium price d) Determine the resulting social gain (2 points) (5 points) (5 points) (1 point) Diamond Furnishing inc. is about to start selling a new import coffee table. It estimates the demand curve to be q = D(p) = 1,000/200-2p. The willingness to order such a table is given by the supply curve q=S(p)=1,000/10p-400. a) Determine the equilibrium point (p,q) b) Determine the consumers'; rplus at the equilibrium price c) Determine the producers' surplus at the equilibrium price d) Determine the resulting social gain (2 points) (5 points) (5 points) (1 point)