ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Concept explainers

Equilibrium Price and Quantity
Equilibrium refers to a state of balance that comes about because there is equality in all forces.
Question

For a product the supply curve is p=5+.2q and the demand curve is p=20-.01q^2 

p is price q is quantity 

what is equilibrium price and quantity 

what is consumer price and surplus

Expert Solution
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Introduction

We are going to calculate equilibrium price, quantity and consumer surplus to answer this question.

 

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