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Determine the consumers surplus and the producers surplus

Question: CONSUMERS' AND PRODUCERS' SURPLUS The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation

p = 144 - x²

Where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is

p = 48 + (1/2)x²

Dollars. Determine the consumers' surplus and the producers' surplus when the market unit price is set at the equilibrium price.

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Mathematics: Determine the consumers surplus and the producers surplus

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