Question

Suppose that the market demand for 32-oz. wide mouth Nalgene bottles is Q = 50,000p^-1.076, where Q is the quantity of bottles per week and p is the price per bottle. The market supply is Q = 0.01p^7.208. What is the equilibrium price and quantity? What is the consumer surplus? What is the producer surplus?

Answer 1

Answer:

Equilibrium price and quantity

$6.44 and 6768

Consumer surplus

$571,081

Producer Surplus

$5,288

Explanation:

In this question, we are asked to calculate equilibrium price and quantity, consumer surplus and producer surplus.

Please check attachment for complete solution and step by step explanation