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The annual demand for full-spectrum LED light bulbs in Fairbanks, Alaska, is estimated to be Q D = 20, 000 1, 000P The supply is
The annual demand for full-spectrum LED light bulbs in Fairbanks, Alaska, is estimated to be Q D = 20, 000 1, 000P The supply is estimated to be Q S = 12, 000 + 3, 000P
1. What is the equilibrium price of full-spectrum LED light bulbs?
2. What is the equilibrium quantity of full-spectrum LED light bulbs?
3. What is consumer surplus?
4. What is producer surplus?
5. What is the total surplus received by both producers and consumers?
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