popular three-story dollhouse has a price-demand equation given by p= D(x) = 196 - 0.9x and the price-supply equation is given by p = S(x) = 0.1x + 146, where x is the number of dollhouses demanded/supplied when the price is p dollars each. (Round your answers to the nearest cent if necessary.) (a) Find the consumers' surplus for the dollhouses. $ (b) Find the producers' surplus for the dollhouses.

popular three-story dollhouse has a price-demand equation given by p= D(x) = 196 - 0.9x and the price-supply equation is given by p = S(x) = 0.1x + 146, where x is the number of dollhouses demanded/supplied when the price is p dollars each. (Round your answers to the nearest cent if necessary.) (a) Find the consumers' surplus for the dollhouses. $ (b) Find the producers' surplus for the dollhouses.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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