he demand price for a certain brand of CDs is modeled by the function D(q) = −0.01q2 − 0.2q + 12, where p is the wholesale unit price in dollars and q is the quantity demanded each week, measured in thousands of discs. The supply price for the CDs is given by the function S(q) = 0.01q2 + 0.6q − 3, where price is the wholesale unit price in dollars and q stands for the number of CDs that will be made available in the market by the supplier, measured in thousands. (a) Determine market equilibrium quantity (in thousands of discs) and price (in dollars). (Round your answers to two decimal places.) market equilibrium quantity Incorrect: Your answer is incorrect. thousand discs market equilibrium price $ Incorrect: Your answer is incorrect. (b) Determine the consumers’ surplus in thousands of dollars. (Round your answer to three decimal places.) $ thousand (c) Interpret the consumers’ surplus in the context of this problem. (Round your answer to the nearest dollar.) $ is the total Correct: Your answer is correct. . (d) Determine the producer’s surplus in thousands of dollars. (Round your answer to three decimal places.) $ thousand (e) Interpret the producer’s surplus in the context of this problem. (Round your answer to the nearest dollar.) $ is the total Correct: Your answer is correct. .
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