Activity #1: Consumers' and producers' surplus; equilibrium, total social gain atequilibrium priceA fast food outlet finds that the demand equation for its new side dish,"Sweetdough Tidbit," is given by,128p=(q+1)²where p is the price in cents per serving and q is the number of servings per hourat this price. At the same time, the franchise is prepared to sell q=0.5p-1servings per hour at a price of p cents.A) Find the price, p, and equilibrium quantity, 7. SHOW WORK. B) Compute the consumers' surplus at the equilibrium price. Include an integralwhose value will give the surplus and then use your graphing calculator toevaluate the integral. Give final value in dollars.C) Compute the producers' surplus at the equilibrium price. Include an integralwhose value will give the surplus and then use your graphing calculator toevaluate the integral. Give final value in dollars.D) What is the total social gain at the equilibrium price? Show work. Expressanswer in dollars.

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A fast food outlet finds that the demand equation for its new side dish, "Sweetdough Tidbit," is given by, 128 p= (q+1)² where p is the price in cents per serving and q is the number of servings per hour at this price. At the same time, the franchise is prepared to sell q=0.5p-1 servings per hour at a price of p cents. A) Find the price, p, and equilibrium quantity, . SHOW WORK.

A fast food outlet finds that the demand equation for its new side dish, "Sweetdough Tidbit," is given by, 128 p= (q+1)² where p is the price in cents per serving and q is the number of servings per hour at this price. At the same time, the franchise is prepared to sell q=0.5p-1 servings per hour at a price of p cents. A) Find the price, p, and equilibrium quantity, . SHOW WORK.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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