Please explain in detail
Part 2 of the Problem 1 is:
Continue with the problem. Given Pc = 1/2, find the new consumer
surplus, producer surplus, and the deadweight loss.
= Problem 1. [20 pts) Given D(x) (x 3)2 is the price, in dollars per unit, that consumers will pay for x units of an item, and S(x) = x2 + 2x + 1 is the price, in dollars per unit, that producers will accept for x units. Find the equilibrium point, the consumer surplus and producer surplus at the equilibrium point.
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