Market demand for concerts is given as Q =2500 - 20PMarket supply for concerts is given as Q =-500 + 80Pa) Total consumer surplus at equilibrium isb) Total producer surplus at equilibrium is$.c) Total market surplus at the marketequilibrium is $__

a) Consumer surplus = $90250 b) Producer surplus = $22562.5 c) Market surplus = $112812.5

Answered: Market demand for concerts is given as…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Market demand for concerts is given as Q = 2500 - 20P Market supply for concerts is given as Q = -500 + 80P a) Total consumer surplus at equilibrium is b) Total producer surplus at equilibrium is $. c) Total market surplus at the market equilibrium is $__