The market for pens in Howards is perfectly competitive with no externalities. Market demand is given by Q=165-P. Market Supply is given by Q=P-16.What is total Surplus in this market?
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The market for pens in Howards is
Here, demand equation is given as:
Q=165-P
And supply equation is given that:
Q=P-16
Step by step
Solved in 3 steps
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