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Use the following equations to answer the remaining homework questions: Demand: P = 80 3Q Supply: P = 2Q + 20 What is the

Use the following equations to answer the remaining homework questions:

Demand: P = 80 – 3Q

Supply: P = 2Q + 20

What is the equilibrium price? What is the equilibrium quantity? What is the consumer surplus? What are total expenditures for consumers? What is producer surplus? What is the total revenue for the producer?

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