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Consider a market characterized by the following inverse demand and supply functions: P X = 10 2Q X and P X = 2 + 2Q

Consider a market characterized by the following inverse demand and supply functions: P_X = 10 2Q_X and P_X = 2 + 2Q_X.

(a) Calculate the equilibrium price and equilibrium quantity.

(b) Calculate the consumer surplus.

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