Question: 4. The demand and supply functions for a particular commodity are P(r) = 80e-0-0914 and S(x) = 30e, where x is the number of units

 4. The demand and supply functions for a particular commodity are

4. The demand and supply functions for a particular commodity are P(r) = 80e-0-0914 and S(x) = 30e", where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. [10 points] a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus. c. Sketch the supply curve, equilibrium price and shade the consumers' surplus area

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