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(7.1) The point of best quantity and best price (9+,P+) to maximize profit is shown on the graph. Compute the Consumer's surplus (shaded in yellow), for this product. Be sure to use the original Demand function, not the linear estimate for the demand function. Show all work and steps carefully on a lined, clean piece of paper (to submit later). Note: You will need to be careful to NOT round until the very end of your calculations. Also, be sure to use a rounded to nearest whole unit, and p rounded to the nearest penny. Answer = C.S. = $ 106687 ]*(Round to the nearest dollar.) Surplus 600+LULULLLLLLLLL 500 f9+, p+ 400 $ (per item) 300 200 200 400 600 800 1000 1200 Quantity (9) * Incorrect Submit Cost function: C(q) = 88.34 + 12300 o where q is units produced, and C(q) is dollars. The fixed costs here are $12300 o The variable costs here are $88.3 per item Demand function: o The demand function will come from the following market data: | 200484.14 250 473.68 300 461.61 350 447.95 400 432.68 450 415.82 500 397.35 550 377.29 600 355.62 650 332.36 700 307.49 Supply function: S(q) = 0.339 +92 o where q is units produced, and S() is dollars. (7.1) The point of best quantity and best price (9+,P+) to maximize profit is shown on the graph. Compute the Consumer's surplus (shaded in yellow), for this product. Be sure to use the original Demand function, not the linear estimate for the demand function. Show all work and steps carefully on a lined, clean piece of paper (to submit later). Note: You will need to be careful to NOT round until the very end of your calculations. Also, be sure to use a rounded to nearest whole unit, and p rounded to the nearest penny. Answer = C.S. = $ 106687 ]*(Round to the nearest dollar.) Surplus 600+LULULLLLLLLLL 500 f9+, p+ 400 $ (per item) 300 200 200 400 600 800 1000 1200 Quantity (9) * Incorrect Submit Cost function: C(q) = 88.34 + 12300 o where q is units produced, and C(q) is dollars. The fixed costs here are $12300 o The variable costs here are $88.3 per item Demand function: o The demand function will come from the following market data: | 200484.14 250 473.68 300 461.61 350 447.95 400 432.68 450 415.82 500 397.35 550 377.29 600 355.62 650 332.36 700 307.49 Supply function: S(q) = 0.339 +92 o where q is units produced, and S() is dollars