P320-.04q with quantity q measured in thousands of barrels, Ask an Expert

Economics

P=320-.04Q with quantity, Q, measured in thousands of barrels per day and price, P, measured in dollars per barrel. The supply curve is given by PS=5+.015Q.

a. Compute the equilibrium quantity and price.
b. find out the consumer and producer surplus.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M941365

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