(Answered) Assume the market for a commodity is described by the

Engineering

Assume the market for a commodity is described by the demand and supply functions Demand: q = 30 - 2 3 p Supply: q = 2p - 10

a) Determine the equilibrium price and quantity in this market.

b) Derive the inverse demand and supply functions, draw a graph to illustrate your answer, and compute the consumer surplus and the producer surplus.

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