Consider the following market demand and supply: Demand: P 16 - 4Qd m Supply: P = 6 + 3Qs If the market is at equilibrium, what is the producer surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal.

Consider the following market demand and supply: Demand: P 16 - 4Qd m Supply: P = 6 + 3Qs If the market is at equilibrium, what is the producer surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Consider the following market demand and supply:
Demand: P = 16 - 4Qd
Supply: P = 6+ 3Qs
If the market is at equilibrium, what is the producer surplus?
Note: Express your answer in units of dollars, to at least two digits after
the decimal.
3.06

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