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1) You are given the demand function D(q) = -0.04 + 60 and supply function S(q) = 0.06+15, both of which use quantity as input and price in dollars as output. Include the following steps to find consumer and producer surplus: a) b) c) d) Determine equilibrium quantity and price, clearly labeling each with units Sketch an appropriate graph as described in the notes Give the integral expression for consumer surplus and its calculated value Give the integral expression for producer surplus and its calculated value

1) You are given the demand function D(q) = -0.04 + 60 and supply function S(q) = 0.06+15, both of which use quantity as input and price in dollars as output. Include the following steps to find consumer and producer surplus: a) b) c) d) Determine equilibrium quantity and price, clearly labeling each with units Sketch an appropriate graph as described in the notes Give the integral expression for consumer surplus and its calculated value Give the integral expression for producer surplus and its calculated value

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1) You are given the demand function D(q) = -0.04 + 60 and supply function S(q) = 0.06+15, both of which use quantity as input and price in dollars as output. Include the following steps to find consumer and producer surplus: a) b) c) d) Determine equilibrium quantity and price, clearly labeling each with units Sketch an appropriate graph as described in the notes Give the integral expression for consumer surplus and its calculated value Give the integral expression for producer surplus and its calculated value
Transcribed Image Text:1) You are given the demand function D(q) = -0.04 + 60 and supply function S(q) = 0.06+15, both of which use quantity as input and price in dollars as output. Include the following steps to find consumer and producer surplus: a) b) c) d) Determine equilibrium quantity and price, clearly labeling each with units Sketch an appropriate graph as described in the notes Give the integral expression for consumer surplus and its calculated value Give the integral expression for producer surplus and its calculated value
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