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In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply and demand. For this problem assume that supply
In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply and demand. For this problem assume that supply and demand are as follows:
Supply P = 8 + 0.10Q
Demand P = 30 - 0.10Q,
where P represents unit price in dollars and Q represents number of units sold each year. Calculate the annual value of aggregate consumer surplus. Round your answer to the nearest two decimal places.
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