Question
Suppose the demand for shoes is given by: QD= 126 -0.2P . The supply of shoes is given by: QS= 10P -180 . Calculate the
Suppose the demand for shoes is given by:QD= 126 -0.2P. The supply of shoes is given by:QS= 10P -180.
Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium.
(Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
Answer:
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Advanced Placement Microeconomics
Authors: Bill Hurd
1st Edition
1531150306, 978-1531150303
