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Demand function Q, = 240 – 2P Supply function Qs =-60+P| According to the demand and supply functions for a good's market given above a) Calculate consumer surplus b) Calculate producer surplus

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

Demand function Qp = 240 – 2P
Supply function Q =-60+P|
According to the demand and supply functions for a good's market given above
a) Calculate consumer surplus
b) Calculate producer surplus

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