Question: Formulas from 6.2: J.[D(x) - P. ]dx So[p. - S(x) ] dx 8. Given the supply function (in dollars) S(x) =0.7x and the demand function
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Formulas from 6.2: J."[D(x) - P. ]dx So[p. - S(x) ] dx 8. Given the supply function (in dollars) S(x) =0.7x and the demand function (in dollars) D(x) = 75-0.3x: (9 pts) a) Show some work to confirm that the equilibrium point is (75, $52.50). b) Here are three integrals. A. (52.5 - 0.7x) dx B. [52.50 (0.7x - 75) dx C. J (75 - 0.3x - 52.5) dx One represents the Consumer's Surplus, one represents the Producer's Surplus, and one doesn't represent anything. Which is which? Fill in the blank below with the letter corresponding to the correct integral and include comments about how you know which is which. Consumer Surplus: Why? Producer's Surplus: Why
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