TYPEWRITTEN ONLY PLEASE FOR UPVOTE. DOWNVOTE FOR HANDWRITTEN. DO NOT ANSWER IF YOU ALREADY ANSWERED THIS 3. The price-supply and price-demand equations of a certain product are given byp = S(x) = 15 + 0.1x + 0.003x2,p = D(x) = M – Nx%3D!!Suppose that the equilibrium price level is P55.(a) Find the producer surplus at the equilibrium price level.(b) If the consumer surplus is equal to the producers surplus at the equilibrium price level,find M and N.

Given:Supply equation:p=15+0.1x+0.003x2 …(1)Demand equation:p=D(x)=M-Nx ⋯·(2)equilibrium price…

3. The price-supply and price-demand equations of a certain product are given by p = S(x) = 15 + 0.1x +0.003x, p= D(x) = M – Nx Suppose that the equilibrium price level is P55. (a) Find the producer surplus at the equilibrium price level. (b) If the consumer surplus is equal to the producers surplus at the equilibrium price level, find M and N.

3. The price-supply and price-demand equations of a certain product are given by p = S(x) = 15 + 0.1x +0.003x, p= D(x) = M – Nx Suppose that the equilibrium price level is P55. (a) Find the producer surplus at the equilibrium price level. (b) If the consumer surplus is equal to the producers surplus at the equilibrium price level, find M and N.

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter8: Application: The Costs Of Taxation

Section: Chapter Questions

Problem 10PA

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