Answered: Market demand is given as QD = 100 –…

Market demand is given as QD = 100 – 2P. Market supply is given as QS = P + 10. In a perfectly competitive equilibrium, what will be the value of consumer 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

No diagram needed!!!!

Market demand is given as QD = 100 – 2P. Market
supply is given as QS = P + 10. In a perfectly
competitive equilibrium, what will be the value of
consumer surplus?
а.
$120
b. $200
С.
$400
d. $800

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