Consider the following market demand and supply: Demand: P = 13 - 5Qd Supply: P = 6 + 2Qs If the market is at equilibrium, what is the total economic surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal.

Consider the following market demand and supply: Demand: P = 13 - 5Qd Supply: P = 6 + 2Qs If the market is at equilibrium, what is the total economic surplus? Note: Express your answer in units of dollars, to at least two digits after the 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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Question

Ñ2

Consider the following market demand and supply:

Demand: P = 13 - 5Q_d

Supply: P = 6 + 2Q_s

If the market is at equilibrium, what is the total economic surplus?

Note: Express your answer in units of dollars, to at least two digits after the decimal.

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