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could you please help me with this question? 2.- The market of potatoes in Nova Scotia is given by the following consumer demand and producer
could you please help me with this question?
2.- The market of potatoes in Nova Scotia is given by the following consumer demand and producer supply curves (i is for individuals and j is for firms). Q; = 10000 + 10p Q& = 800 - 2p a) (3 Points) You know that the market is represented by 1000 identical firms and 200000 identical consumers. Mathematically derive p* and total quantity Q*. What is the individual consumption?b) (2 Points) Graph the market, including the equilibrium point. b) c) (1 Point) After popular pressure due to the high prices of potatoes, the government has decided to intervene the market and set a maximum price of $390. Mathematically derive the new equilibrium price, p*, and total quantity 62*Step by Step Solution
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