Consider a demand market and assume the demand and supply, Ask an Expert

Economics

Consider a demand market and assume the demand and supply functions are given by: demand: q=35-p and supply: q=2p-10.

a) determine the equilibrium price and quantity (p*, q*) in this market

b) illustrate your answer graphically and compute the consumer surplus and the producer surplus

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91709739

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