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Please fill out the blank. Consider a competitive market for bagels. The demand for bagels is P= 12- 0.15 Qd. The supply of bagels is
Please fill out the blank.
Consider a competitive market for bagels. The demand for bagels is P= 12- 0.15 Qd.
The supply of bagels is P= 0.05 Qs.
Here, Q measures bagels perhour, and P measures the price in dollars per bagel.
The equilibrium price in this market is $ ____ ? per bagel.
Suppose in thismarket, production is restricted to 40 bagels per hour.
If the production is restricted to 40 bagels perhour, the amount of deadweight loss is $___?per hour.
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