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Consider the following inverse supply and inverse demand functions students have for GreatDane Sandwiches:PS= 3QS+ 20andPD= 702QD(a) Find the equilibrium price and quantity.(b) Calculate consumer
Consider the following inverse supply and inverse demand functions students have for GreatDane Sandwiches:PS= 3QS+ 20andPD= 702QD(a) Find the equilibrium price and quantity.(b) Calculate consumer surplus and producer surplus.(c) In an effort to raise additional revenue from students, UBC imposes a tax of$5 on eachGreat Dane Sandwich bought. Find the new equilibrium price, quantity, producer surplus,and consumer surplus.
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