Assume a perfectly competitive market where assumption BIG holds. The demand curve is MWTP=32 – (5/10)×Q. The supply curve is MC=2 + (3/10)×Q. In equilibrium, what is producer surplus? Round to two decimal places, and do not include the currency symbol. If your answer is –1.275, enter –1.28.

Assume a perfectly competitive market where assumption BIG holds. The demand curve is MWTP=32 – (5/10)×Q. The supply curve is MC=2 + (3/10)×Q. In equilibrium, what is producer surplus? Round to two decimal places, and do not include the currency symbol. If your answer is –1.275, enter –1.28.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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