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Suppose that demand and supply for a product are given by the following equations: =151/4 =10+ a. Find the equilibrium price and quantity in an

Suppose that demand and supply for a product are given by the following equations: =151/4 =10+ a. Find the equilibrium price and quantity in an unregulated (competitive) market.

b. Draw the market. Label equilibrium price and quantity.

C. Find the producer surplus.

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