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
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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb92ee20a-5135-48f3-8fdb-9313492e9694%2F0762af13-476d-4a7f-b7ab-d8fc2185ebf7%2Fi0iswmu_processed.jpeg&w=3840&q=75)
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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