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Assume the market for oil is perfectly competitive with the following market demand and supply:Qd=100-p; Qs= -50+2p. a. Find the equilibrium price and quantity for
Assume the market for oil is perfectly competitive with the following market demand and supply:Qd=100-p; Qs= -50+2p.
a. Find the equilibrium price and quantity for this market.
b. Calculate the consumer and producer surplus in the equilibrium.
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