Question: Please Show All Work, if needed! Place answers in ANSWER box, if provided. 1. (6 points) Suppose the supply function for a certain item is
Please Show All Work, if needed! Place answers in ANSWER box, if provided. 1. (6 points) Suppose the supply function for a certain item is given by S(x) = x?+/0x, and the demand function is given by D(x) = 900-20x-x', determine the following: a) Find the equilibrium point. la) : b) Find the consumer surplus at the equilibrium point. ib) : c) Find the producer surplus at the equilibrium point
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