Assume the demand and supply equations for sweatshirts is given by: P = 30 0.2Qd P = 2 + 1.2Qs The quantity is in units of "100s" and the equilibrium price and quantity represent the amount bought and sold in a given day. At the equilibrium price and quantity, what is the consumer surplus? (Hint: if you solve for "Q*" to be "90," this means 90*100 = 9000 sweatshirts. Be sure to convert the quantity when solving for consumer or producer surplus.)

Assume the demand and supply equations for sweatshirts is given by: P = 30 0.2Qd P = 2 + 1.2Qs The quantity is in units of "100s" and the equilibrium price and quantity represent the amount bought and sold in a given day. At the equilibrium price and quantity, what is the consumer surplus? (Hint: if you solve for "Q" to be "90," this means 90100 = 9000 sweatshirts. Be sure to convert the quantity when solving for consumer or producer surplus.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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