Question: Problem 3.(1 point)Solve a Consumers' or Producers' Surplus Problem.A popular three-story dolihouse has a price-demand equation given byp=D(x)=370-0.8xdollars, which gives the price per dollhouse when
Problem 3.(1 point)Solve a Consumers' or Producers' Surplus Problem.A popular three-story dolihouse has a price-demand equation given byp=D(x)=370-0.8xdollars, which gives the price per dollhouse when x dollhouses are demanded. The price-supply equation for the dollhouse is given byp=S(x)=262.91.3xdollars, which gives the price per dollhouse when x dollhouses are supplied. Find (a) the consumers' surplus and (b) the producers' surplus.The consumers' surplus is (Your answer must begin with $.)The producers' surplus is (Your answer must begin with $.)
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