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Matt has an inverse demand function for current movie DVDs of P(Q) = 25-3Q. The supply of DVDs is given by P(Q) = 5+Q. Matt's maximum willingness to pay for one DVD is $115. The cost of producing DVD is $25. Find the consumers' and producer's surplus for DVD. Graph the demand and supply curves and then in the graph mention the amount of consumer surplus and producers surplus.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91234021

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