Question: For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point

For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 50 – x/20 and the supply curve p = 20 + x/10, find the consumer surplus and the producer surplus. Illustrate by sketching the supply and demand curves and identifying the surpluses as areas.

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