If the demand for widgets is Qd = 90 - Pd and the supply of widgets is Q = Ps - 30, what is the total surplus created at the equilibrium price? Also, draw the diagram and shade the appropriate area of the diagram.
If the demand for widgets is Qd = 90 - Pd and the supply of widgets is Q = Ps - 30, what is the total surplus created at the equilibrium price? Also, draw the diagram and shade the appropriate area of the diagram.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 21P
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