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Suppose the quantity demanded of good X ( Q d ) depends only on the price of good X ( P ), monthly income (
Suppose the quantity demanded of good X (Qd) depends only on the price of good X (P), monthly income (M), and the price of a related good R (PR) andMis $80,000 andPRis $1,000:
Qd = 30,500 1,000P + 0.25M + 5PR
Qs=10,000+2,0003PQs=-10,000+2,0003P
Total consumer surplus in equilibrium is _____. Total producer surplus in equilibrium is ______. The net gain to society created by the market for good X is ______.
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