1. If the demand and supply functions of a good are known, the following equation shows: P-12 Q+30=0 and P - Q²+ 200 = 75, determine a. Market Equilibrium (KP) b. Consumer surplus and producer surplus c. Draw the graph

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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1. If the demand and supply functions of a good are
known, the following equation shows: P-12 Q+30=0 and
P Q²+ 200 = 75,
determine
a. Market Equilibrium (KP)
b. Consumer surplus and producer surplus
c. Draw the graph
Transcribed Image Text:1. If the demand and supply functions of a good are known, the following equation shows: P-12 Q+30=0 and P Q²+ 200 = 75, determine a. Market Equilibrium (KP) b. Consumer surplus and producer surplus c. Draw the graph
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