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8. (15 points) Let D(:v) be the unit price of a product that consumers are willing to pay for LE units and D(m) = 100
8. (15 points) Let D(:v) be the unit price of a product that consumers are willing to pay for LE units and D(m) = 100 4:5 Also, let S (11:) be the unit price of the same product that producers are willing to accept for 3: units and 8(33) = $2 + 40 (a) Find the equilibrium price, pg and the equilibrium quantity mg. (b) Compute the consumer surplus at the equilibrium price. (0) Suppose the unit price of p = 56 is articially set. Find the quantity that will be traded at this price and nd the consumer surplus at this price. [ Be careful. The traded quantity is limited by the supply quantity. Don't ignore 5012).]
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