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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: Qd

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: Qd and Qs are quantity demand and quantity supplied respectively, and P is the Price.

At the market equilibrium price, consumer surplus is equal to $_________

Equilibrium price is $20

The equilibrium quantity is 30 units

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