upply and Demand Q1 Assume that the demand curve D(p) given below is the market demand for apples: Q=D(p)=280−20pQ=D(p)=280-20p, p > 0 Let the market supply of apples be given by: Q=S(p)=48+9pQ=S(p)=48+9p, p > 0 where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied. What is the consumer surplus at the equilibrium price and quantity?
Supply and Demand Q1
Assume that the demand curve D(p) given below is the market demand for apples:
Let the market supply of apples be given by:
where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied.
What is the
Round the equilibrium price to the nearest cent, use that rounded price to compute the
Maintain full precision for the vertical intercept by carrying the full fraction into your consumer surplus calculation.
Please round your consumer surplus answer to the nearest integer.
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