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A sports watch has a price-demand equation given by p = D(x) = 50.2-0.0567142x dollars, which gives the price per watch when x watches are demanded. The price-supply equation for the watch is given by P = = S(x) = = 0.9x + 3 dollars, which gives the price per watch when x watches are supplied. If the equilibrium quantity is 21, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is (Your answer must begin with $.) (Your answer must begin with $.)

A sports watch has a price-demand equation given by p = D(x) = 50.2-0.0567142x dollars, which gives the price per watch when x watches are demanded. The price-supply equation for the watch is given by P = = S(x) = = 0.9x + 3 dollars, which gives the price per watch when x watches are supplied. If the equilibrium quantity is 21, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is (Your answer must begin with $.) (Your answer must begin with $.)

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.3: Lines
Problem 92E
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A sports watch has a price-demand equation given by p= D(x) = 50-2¯ dollars, which gives the price per watch when x watches are demanded. The price-supply equation for the watch is given by p = S(x) = 0.9x +3 dollars, which gives the price per watch when x watches are supplied. If the equilibrium quantity is 21, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is -0.0567142x (Your answer must begin with $.) (Your answer must begin with $.)
Transcribed Image Text:A sports watch has a price-demand equation given by p= D(x) = 50-2¯ dollars, which gives the price per watch when x watches are demanded. The price-supply equation for the watch is given by p = S(x) = 0.9x +3 dollars, which gives the price per watch when x watches are supplied. If the equilibrium quantity is 21, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is -0.0567142x (Your answer must begin with $.) (Your answer must begin with $.)
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