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Please help Consider the market for some productX that is represented in the accompanying demand-andsupply diagram. a. Calculate the total economic surplus in this market
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Consider the market for some productX that is represented in the accompanying demand-andsupply diagram. a. Calculate the total economic surplus in this market at the freemarket equilibrium price and quantity. The total economic surplus is $ 1800 per day. (Round your response to the nearest cent as needed. ,1 b. Calculate the total economic surplus in this market when a price ceiling at $35 is in effect. The total economic surplus is $ 1200 per day. {Round your response to the nearest cent as needed. ,1 D 1 'r G 15 30 45 ED 75 90 105 Quantity {units per day}Step by Step Solution
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