Question
9.Using Supply and Demand to Analyze Markets End of Chapter Problem The annual demand for full-spectrum LED light bulbs in Fairbanks, Alaska, is estimated to
9.Using Supply and Demand to Analyze Markets End of Chapter Problem
The annual demand for full-spectrum LED light bulbs in Fairbanks, Alaska, is estimated to beQD=20,0001,000P. The supply is estimated to be QS=12,000+3,000P
.
a.What is the equilibrium price of fullspectrum LED light bulbs?____________dollars.
b.What is the equilibrium quantity of fullspectrum LED light bulbs?___________customers.
c.What is consumer surplus?___________dollars.
d.What is producer surplus?______________dollars.
e.What is the total surplus received by both producers and consumers?___________dollars.
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