Question: The demand equation for a product is p = 50 40q and the supply equation is p = 10 In (q +30) 24. Determine

The demand equation for a product is p = 50 40q and

The demand equation for a product is p = 50 40q and the supply equation is p = 10 In (q +30) 24. Determine the consumers' surplus and the producers' surplus under market equilibrium q. +3600 Round your answers to the nearest integer. The cmsumers surplus of the demand equation is approximately 733 . (Round the final answer to the nearest whole number as needed. Round all intermediate values to the nearest thousandth as needed.) The voducers surplus Of the supply equation is appronmatety (Round the final answer to the nearest whole number as needed. Round all intermediate values to the nearest thousandth as needed.) Scanned with CamScanner

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