Find the consumer's and producer's surplus for an item with the following:

Question

Supply:  p=5q² 

Demand: p= 4800 -9²/3

 

I assume you have to set these equal to each other to find consumer and producer surplus but I'm not sure how to solve. 

 

 

Answer 1

I think 9² to be q²

Set two equation equal, then  

     5q² = 4800 -q²/3

Multiply 3 on both sides,  15q² = 14400 -q²

Add q² on both sides, 16q² = 14400

Divide 16 on both sides,  q² = 900

Therefore  q = 30, and p = 4500