Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 29, Problem 15E
To determine
To explain:
Whether the action of National Economic Council is Rent seeking or not.
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In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply and demand. For this problem assume that supply and demand are as follows:
Supply P = 4 + 0.116Q
Demand P = 25 - 0.10Q
where P represents unit price in dollars and Q represents the number of units sold each year.
Calculate the annual value of aggregate consumer surplus.
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