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Please answer the following questions. Thank you for your help. 4. Suppose market demand and market supply are given by the equations: Q=40-P Q=P-2 1)

Please answer the following questions. Thank you for your help.

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4. Suppose market demand and market supply are given by the equations: Q=40-P Q=P-2 1) How much is total consumer surplus at the equilibrium price in this market? [Please show your equation, calculation, and final answer; no need to draw graphs] 2) How much is total producer surplus at the equilibrium price in this market? [Please show your equation, calculation, and nal answer; no need to draw graphs]

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