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Question: Suppose that the demand for a concert, QD, is represented by the following equation, where P is the price of concert tickets and Q is the number of tickets sold: QD = 2500 - 20P

The supply of tickets, QS, is represented by the equation: QS = -500 + 80P

a. Find the equilibrium price and quantity of tickets sold.

b. Carefully graph your result in part a.

c. Calculate the consumer surplus at the equilibrium price and quantity.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92289758

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