Suppose the quantity demanded of good X ( Q d ) depends only on the price of good X ( P ), monthly income ( M ), and the price of a related good R ( P R ) Q d 30,500 1,000 P 0 25 M 5 P R Q s 10,000 2,000 3 P Qs 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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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 goodX(Q_d) depends only on the price of goodX(P), monthly income (M), and the price of a related goodR(P_R):

Q_d= 30,500 1,000P+ 0.25M+ 5P_R

=10,000+2,000

Qs=-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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