Consider the market of apples. The market demand curve for apples is given by P = 100 - 0.5Qd and the market supply curve is given by P = 20 +0.5Qs, where P is in dollars and Q is in million apples. (Note: this is a continuous case.) 60 (a) The market equilibrium price is $ (b) The market equilibrium quantity is (c) The consumer surplus is $1600 million apples. 80 million.

Consider the market of apples. The market demand curve for apples is given by P = 100 - 0.5Qd and the market supply curve is given by P = 20 +0.5Qs, where P is in dollars and Q is in million apples. (Note: this is a continuous case.) 60 (a) The market equilibrium price is $ (b) The market equilibrium quantity is (c) The consumer surplus is $1600 million apples. 80 million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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