Suppose the supply function for a certain item is given by S(g) = (g+ 8) and the demand function is given by D(q) = 2197 Complete parts a through d below. q+8

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2197
Suppose the supply function for a certain item is given by S(q) = (q + 8)“ and the demand function is given by D(q) =
Complete parts a through d below.
8+b
a. Graph the supply and demand curves. Choose the correct graph below.
O A.
OB.
C.
O D.
AP
1000-
AP
1000-
1000
AP
1000-
0-
14
14
b. Find the point at which supply and demand are in equilibrium.
The equilibrium point is
(Type an ordered pair. Simplify your answer.)
c. Find the consumers' surplus.
The consumers' surplus is S
(Round to two decimal places as needed.)
d. Find the producers' surplus.
The producers' surplus is $
(Round to two decimal places as needed.)
Transcribed Image Text:2197 Suppose the supply function for a certain item is given by S(q) = (q + 8)“ and the demand function is given by D(q) = Complete parts a through d below. 8+b a. Graph the supply and demand curves. Choose the correct graph below. O A. OB. C. O D. AP 1000- AP 1000- 1000 AP 1000- 0- 14 14 b. Find the point at which supply and demand are in equilibrium. The equilibrium point is (Type an ordered pair. Simplify your answer.) c. Find the consumers' surplus. The consumers' surplus is S (Round to two decimal places as needed.) d. Find the producers' surplus. The producers' surplus is $ (Round to two decimal places as needed.)
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