Homework Answers
Equilibrium,
Demand = Supply
172 - x2 = 76 + 0.5x2
96 = 1.5x2
X2 = 64
X = 8 units
Price = 172 - 64 = $108
Consumer surplus : (1/2)*( 172 - 108)*8 = 256 [When x = 0, p = 172 ( from demand curve)]
Producer surplus = (1/2)*108*8 = $432
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