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A commodity follows a demand function D (q) = 14 2g and supply function 5 (q) = 0.2 Sq2 + 2 . a. [2 pts]
A commodity follows a demand function D (q) = 14 2g and supply function 5 (q) = 0.2 Sq2 + 2 . a. [2 pts] Find the market equilibrium. b. [3 pts] Compute the producer surplus at the equilibrium point. c. [3 pts] Compute the producer surplus at the equilibrium point. (1. [2 pts] On a set of axes, graph the demand and supply functions. Label the equilibrium point as well as the regions described by the producer surplus and consumer surplus
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