Question: Suppose the supply function for a product is p = 40 + 0.001x 2 and the demand function is p = 120 - 0.2x, where

Suppose the supply function for a product is p = 40 + 0.001x² and the demand function is p = 120 - 0.2x, where x is the number of units and p is the price in dollars. If the market equilibrium price is $80, find

(a) The consumer’s surplus

(b) The producer’s surplus.

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