(Answered) In a market demand and supply equations arethe demand curve

Economics

In a market demand and supply equations are:

The demand curve is given as: P = 68 - 2Q The supply curve is given as: P = 20 + 2Q.

Assuming a perfectly competitive market, (Please show all your work):

1) What is the equilibrium price and quantity?

2) What is producer surplus?

3) What is the consumer surplus? (Please show all your work)

4) What is the total wealth?

Then with the market above, assuming a monopoly market with Q = 8 (Please show all your work):

1) What is the monopoly market price and quantity?

2) What is the consumer surplus?

3) What is producer surplus?

4) What is the total wealth?

5) What is the Deadweight Loss?

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Macroeconomics, Economics

Category:- Macroeconomics
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