Find the deadweight loss when the price in the competitive market is d = (2/5)*97 and demand is given by the inverse demand function P=97-29 Q. Round your answer to the nearest hundredth. m b C 1 P e Private Cost 8 Social Benefit Private Benefit f g h k a = 97, b= (4/5)*97, c = (3/5)*97, d = (2/5)*97, e = (1/5)*97
Find the deadweight loss when the price in the competitive market is d = (2/5)*97 and demand is given by the inverse demand function P=97-29 Q. Round your answer to the nearest hundredth. m b C 1 P e Private Cost 8 Social Benefit Private Benefit f g h k a = 97, b= (4/5)*97, c = (3/5)*97, d = (2/5)*97, e = (1/5)*97
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Find the deadweight loss when the price in the competitive market
is d = (2/5)*97 and demand is given by the inverse demand
function P=97-29 Q. Round your answer to the nearest
hundredth.
m
b
C
1
P
e
Private Cost
8
Social Benefit
Private Benefit
f
g
h
k
a = 97, b= (4/5)*97, c = (3/5)*97, d = (2/5)*97, e = (1/5)*97
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