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Consider a perfectly competitive market with an indirect market demand function given as P(Q)=389-40. and an indirect market supply function given as P(Q.)=20. Suppose that
Consider a perfectly competitive market with an indirect market demand function given as P(Q)=389-40. and an indirect market supply function given as P(Q.)=20. Suppose that a market failure occurs and a maximum of 60 units can be supplied by firms in the market. Calculate the deadweight loss caused by the market failure. Deadweight loss: $ . (Enter your answer rounded to the nearest penny and as a positive number.)
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