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Consider the following supply and demand equations:Supply: p = 10 + q Demand: p = 100 2 q Show your work as your respond to

Consider the following supply and demand equations:Supply:p= 10 +q Demand:p= 1002q Show your work as your respond to the following questions.

1(a) What is the market equilibrium price and quantity?

(b) What is the Total Surplus at equilibrium?

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