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CalculusQ&A LibraryThe management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relationp = 128 − x2where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price isp = 32 + 1/2x2dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price. (Round your answers to the nearest dollar.)Question

Asked Dec 12, 2019

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The management of the Titan Tire Company has determined that the quantity demanded *x* of their Super Titan tires/week is related to the unit price *p* by the relation

p = 128 − x^{2}

where *p* is measured in dollars and *x* is measured in units of a thousand. Titan will make *x* units of the tires available in the market if the unit price is

p = 32 + 1/2x^{2}

dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price. (Round your answers to the nearest dollar.)

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Step 1

Step 2

The equilibrium price is given by,

Step 3

The consumer’s...

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