Question: 6. (20 pts) Let D(x) = (x - 5) be the price that consumers are willing to pay for * items and S( x) =

 6. (20 pts) Let D(x) = (x - 5)" be the

price that consumers are willing to pay for * items and S(

6. (20 pts) Let D(x) = (x - 5)" be the price that consumers are willing to pay for * items and S( x) = x2 + 2x + 1 be the price, in dollars, that producers are willing to accept for x units of the item. Assume * $ 5. a. Find the equilibrium point. b. Find the consumer surplus at the equilibrium point. Sketch a graph to show what this value is represented by on the Supply/Demand Curves. C. Find the producer surplus at the equilibrium point. Label on the graph above where the producer surplus is depicted

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