Question 2 Consider the following demand and supply curves: Pa = 60-5Q P₁ = 20 +3Q a) Find equilibrium quantity and prices. b) Draw the demand-supply diagram and mark consumer and producer surplus areas. c) Use integrals to calculate consumer surplus. d) Use integrals to calculate producer surplus.

Question 2 Consider the following demand and supply curves: Pa = 60-5Q P₁ = 20 +3Q a) Find equilibrium quantity and prices. b) Draw the demand-supply diagram and mark consumer and producer surplus areas. c) Use integrals to calculate consumer surplus. d) Use integrals to calculate producer surplus.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 8MC

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