Consumers' Surplus
The demand function for a certain make of replacement cartridges for a water purifier is given by the following equation where p is the unit price in dollars and is the quantity demanded each week, measured in units of a thousand. P = -0.01x²-0.2x + 55 Determine the consumers' surplus if the market price is set at $7/cartridge. (Round your answer to two decimal places.) $_____
Producers' Surplus A supplier of portable hair dryers will make x hundred units of hair dryers available in the market when the unit price is p=√4+ 3.2x dollars. Determine the producers' surplus if the market price is set at $10/unit. (Round your answer to two decimal places.)
$____