Math Problem Statement

​D(x) is the​ price, in dollars per​ unit, that consumers are willing to pay for x units of an​ item, and​ S(x) is the​ price, in dollars per​ unit, that producers are willing to accept for x units. Find ​(a​) the equilibrium​ point, ​(b​) the consumer surplus at the equilibrium​ point, and ​(c​) the producer surplus at the equilibrium point.

D(x)=(x-5)^2, S(x)=(x^2)+4x+11

Solution

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Math Problem Analysis

Mathematical Concepts

Equilibrium Point
Consumer Surplus
Producer Surplus
Integral Calculus

Formulas

Consumer Surplus formula
Producer Surplus formula

Theorems

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Suitable Grade Level

Advanced College Level