(Answered) This problem involves using supply and demand equations

Management Studies

This problem involves using supply and demand equations. Suppose the market is defined by

Demand: Q = 40 - 3P

Supply: Q = 8 + 1PGiven these equations, you must find the equilibrium in the market.

Then, you must find the surplus that exists in the market when the actual price is equal to P = 10.

1. Equilibrium Price =

2. Equilibrium Quantity =

3. Surplus that exists at Price = 10. Surplus =

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