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Market research has revealed the following information about the market for chocolate bars: the demand schedule can be represented by the equation QD = 5-P,
Market research has revealed the following information about the market for chocolate bars: the demand schedule can be represented by the equation QD = 5-P, where QD (millions of units) is the quantity demanded and P is the price. The supply schedule can be represented by the equation QS = P-2, where QS is the quantity supplied:
- Calculate the equilibrium price and quantity in the market for chocolate bars
- Calculate the Consumer surplus, the producer surplus and the total surplus
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