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Given that the demand and supply curves forNo.2 pencils is Qd= 100-20P and Qs=10+40P respectively. Derive the inverse demand and supply function forNo.2 pencils. Solve

  1. Given that the demand and supply curves forNo.2 pencils is Qd= 100-20Pand Qs=10+40Prespectively.
  2. Derive the inverse demand and supply function forNo.2 pencils.
  3. Solve algebraically using the equation the equilibrium price and quantity.
  4. Calculate the consumer surplus.
  5. Determine the price that will result in an excess supply of 4 pencils.

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