Assignment:
For the demand function d(x)=12.48-.005x^2 and the supply function s(x)= square root of x
a) Determine the equilibrium point. Sketch the graph of the demand and supply functions on the same set of axes showing the equilibrium point and the area of the graphs which are the consumers' surplus and producers' surplus.
b) Determine the consumer's surplus at equilibrium demand.
c) Determine the producer's surplus at equilibrium demand.
Provide complete and step by step solution for the question and show calculations and use formulas.