In each of Exercises 114, is the price, in dollars per unit, that consumers are willing

Chapter 5, Problem 1

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In each of Exercises 114, is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and 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.

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