Q thousand units of the commodity will be demanded at a price of p = D(q) dollars per unit, while q thousand units will be supplied by producers when the price is p = S(q).
D (q) = 65 - q^2
S (q) = (1/3)q^2 + 2q + 5q)
a) Find the equilibrium price P (where supply equals demand)
b) Find the consumer's surplus and the producer's surplus at equilibrium.© BrainMass Inc. brainmass.com October 9, 2019, 10:22 pm ad1c9bdddf
(a) At equilibrium, D(q) = S(q)
65 - q^2 = (1/3)q^2 + 2q + 5
(4/3)q^2 + 2q - 60 = 0 or 4q^2 + 6q - 180 = 0
2q^2 + 3q - 90 = 0
(q - 6)(2q + 15) = 0
q = ...
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