Suppose the market supply curve is given by: Q=2P-4 and market demand by: 21-1. a) What is the value of Q when the market is equilibrium? Enter a number. b) P as a function of Q, i.e. find the inverse demand function. Your answer should be an algebraic expression in terms of Q without any decimals. Use a capital Q for Q and do not write "P=""; just enter an expression in terms of Q. P= The variables found in your answer should be: [Q] c) Find the value of the consumer surplus when the market is equilibrium. Enter an algebraic expression, such as 3*In(4)-In(2)-8, rather than a decimal.

Suppose the market supply curve is given by: Q=2P-4 and market demand by: 21-1. a) What is the value of Q when the market is equilibrium? Enter a number. b) P as a function of Q, i.e. find the inverse demand function. Your answer should be an algebraic expression in terms of Q without any decimals. Use a capital Q for Q and do not write "P=""; just enter an expression in terms of Q. P= The variables found in your answer should be: [Q] c) Find the value of the consumer surplus when the market is equilibrium. Enter an algebraic expression, such as 3*In(4)-In(2)-8, rather than a decimal.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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