I am trying to sell widgets and have determined the supply and demand functions to be: Supply price (quantity)=4+quantity Demand price (quantity)=106-2+quantity Find the equilibrium price and quantity and producer revenue. Find the producer and consumer surpluses when the shirts are sold at the equilibrium price. If the producers form a cartel, find the price that maximizes producer surplus. To find equilibrium equal the equation to gather
I am trying to sell widgets and have determined the supply and demand functions to be: Supply price (quantity)=4+quantity Demand price (quantity)=106-2+quantity Find the equilibrium price and quantity and producer revenue. Find the producer and consumer surpluses when the shirts are sold at the equilibrium price. If the producers form a cartel, find the price that maximizes producer surplus. To find equilibrium equal the equation to gather
Chapter25: Monopoly
Section: Chapter Questions
Problem 14E
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![I am trying to sell widgets and have determined the supply and demand functions to be:
Supply price (quantity)=4+quantity
Demand price (quantity)=106-2*quantity
Find the equilibrium price and quantity and producer revenue. Find the producer and consumer
surpluses when the shirts are sold at the equilibrium price. If the producers form a cartel, find the price
that maximizes producer surplus.
To find equilibrium equal the equation to gather](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d55295c-b0cf-49ee-a1f3-b114b00db4ad%2Ff05444d2-4c62-432b-ad9b-71e64a1c9852%2Fm1s3j44q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:I am trying to sell widgets and have determined the supply and demand functions to be:
Supply price (quantity)=4+quantity
Demand price (quantity)=106-2*quantity
Find the equilibrium price and quantity and producer revenue. Find the producer and consumer
surpluses when the shirts are sold at the equilibrium price. If the producers form a cartel, find the price
that maximizes producer surplus.
To find equilibrium equal the equation to gather
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