Question
Suppose the celery industry is competitive. The (inverse) market demand schedule is: p=75-0.1Q The (inverse) market supply schedule is: MC=4+0.2Q Find the following in equilibrium.
Suppose the celery industry is competitive.
The (inverse) market demand schedule is: p=75-0.1Q The (inverse) market supply schedule is: MC=4+0.2Q Find the following in equilibrium.
a. Competitive market output level = units
b. Competitive market price = $
c. Consumer surplus = $
d. Producer surplus = $
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
1st Edition
978-1464146978, 1464146977
