Question: A particular commodity has a price - demand equation given by p = 1 8 , 7 1 6 4 1 5 x , where
A particular commodity has a pricedemand equation given by
p
x
where x is the amount in pounds of the commodity demanded when the price is p dollars per pound.
a
Find consumers' surplus if the equilibrium quantity is pounds. Round your answer to the nearest cent if necessary.
$
b
Find consumers' surplus if the equilibrium price is dollars. Round your answer to the nearest cent if necessary.
$
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