Question
Suppose that the market for a children's book is given by the following demand and supply functions: Demand: QD= 70 - 2P Supply: QS= -10
Suppose that the market for a children's book is given by the following demand and supply functions:
Demand:QD= 70 - 2P
Supply:QS= -10 + 2P
Where: QDand QSarequantity demand andquantity supplied respectively, and P is the price.
At the market equilibrium price, consumer surplus is equal to $ __________
Suppose that the market for a children's book is given by the following demand and supply functions:
Demand:QD= 70 - 2P
Supply:QS= -10 + 2P
Where: QDand QSarequantity demand andquantity supplied respectively, and P is the price.
At the market equilibrium price, producer surplus is equal to $ ___________
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
2nd edition
1464187029, 978-1464189104, 1464189102, 978-0716759751, 716759756, 978-1464187025
