Question 3: Suppose the market for cell phones can be represented by the following demand and supply Q = 3000 –P Q = P – 200 equations: Find the free market 1) equilibrium price, 2) equilibrium quantity, 3) consumer surplus, 4) producer surplus, and 5) total surplus.
Question 3: Suppose the market for cell phones can be represented by the following demand and supply Q = 3000 –P Q = P – 200 equations: Find the free market 1) equilibrium price, 2) equilibrium quantity, 3) consumer surplus, 4) producer surplus, and 5) total surplus.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:Question 3: Suppose the market for cell phones can be represented by the following demand and supply
Q = 3000 –P
Q = P – 200
equations:
Find the free market 1) equilibrium price, 2) equilibrium quantity, 3) consumer surplus, 4)
producer surplus, and 5) total surplus.
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