Consumer and Producer Surplus
In Exercises 15 and 16, find the consumer surplus and producer surplus for the given demand and supply curves . The consumer surplus and producer surplus are represented by the area shown in the figure below.
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Suppose the demand of a product can be modeled by P=D(q)=-0.89+150 and that the supply for the same product can be modeled by P=s(q)=5.29 where q represents quantity and p represents price. Find the producer surplus at the equilibrium point (25,130) and the consumer surplus at the equilibrium point (25,130)
. The consumer surplus and producer surplus are represented by the area shown in the figure below.
