3. [10 pts] Consider the following demand function d(x) and supply function s(x). d(x) = 700...

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3. [10 pts] Consider the following demand function d(x) and supply function s(x). d(x) = 700 -0.6x s(x) = 0.8x a) Find the market demand (equilibrium point the positive x value where demand and supply are equal). b) Find the consumers' surplus at the market demand found in part (a). c) Find the producers' surplus at the market demand found in part (a). 3. [10 pts] Consider the following demand function d(x) and supply function s(x). d(x) = 700 -0.6x s(x) = 0.8x a) Find the market demand (equilibrium point the positive x value where demand and supply are equal). b) Find the consumers' surplus at the market demand found in part (a). c) Find the producers' surplus at the market demand found in part (a).

Answer rating: 100% (QA)

To solve this problem we need to find the market demand equilibrium point consumers surplus and prod... View the full answer