A study of a country's colleges and universities resulted in the demand equation q = 20,000 − 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges.† Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 7,500 + 0.5p. Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price?
equilibrium tuition price p= $ ?
consumers' surplus CS= $ ?
producers' surplus PS= $ ?
total social gain = $ ?
