Given the following equations: P = 450 - 50Qd Inverse Demand Qd = 9 - .02P Regular Demand P=50+50Qs Inverse Supply Qs=-1+0.02P Regular Supply a. What is the equilibrium in this market? b. Find the consumer surplus at equilibrium c. Find the producer surplus d. Find the social surplus
Given the following equations: P = 450 - 50Qd Inverse Demand Qd = 9 - .02P Regular Demand P=50+50Qs Inverse Supply Qs=-1+0.02P Regular Supply a. What is the equilibrium in this market? b. Find the consumer surplus at equilibrium c. Find the producer surplus d. Find the social surplus
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Given the following equations:
P = 450 - 50Qd Inverse Demand
Qd = 9 - .02P Regular Demand
P=50+50Qs Inverse Supply
Qs=-1+0.02P Regular Supply
a. What is the equilibrium in this market?
b. Find the consumer surplus at equilibrium
c. Find the producer surplus
d. Find the social surplus
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