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The inverse market demand curve for a good is p =500.4 Q . The inverse market supply curve for the good is p =100+6 Q
- The inverse market demand curve for a good isp=500.4Q. The inverse market supply curve for the good isp=100+6Q. Calculate the equilibrium price and quantity.
a.) p=660; Q=40
b.) p=40; Q=140
c.) p=340; Q=40
d.) p=140; Q=40
2.) The inverse market demand curve for a good isp=500.4Q. The inverse market supply curve for the good isp=100+6Q. Calculate consumer surplus at equilibrium price and quantity.
a.) 32200
b.) -3200
c.) 7200
d.) 3200
3.) The inverse market demand curve for a good isp=500.4Q. The inverse market supply curve for the good isp=100+6Q. Calculate producer surplus at equilibrium price and quantity.
a.) 800
b.)-4200
c.)4800
d.) 11200
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