Explanation it correctly Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in acompetitive market. Further suppose that your economist gives you the following supply and demand functions:Demand:Supply:Q=49-2PQS = -11+P.What is the consumer surplus in this market?Consumer surplus is $ 20.25. (Enter your response rounded to two decimal places.)What is the producer surplus?Producer surplus is $[ (Enter your response rounded to two decimal places.)

The demand and supply forces decide the equilibrium price in the competitive market or industry. The…

Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitive market. Further suppose that your economist gives you the following supply and demand functions: Q=49-2P Demand: Supply: QS What is the consumer surplus in this market? Consumer surplus is $ 20.25. (Enter your response rounded to two decimal places.) What is the producer surplus? Producer surplus is $ = -11+P. (Enter your response rounded to two decimal places.)

Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitive market. Further suppose that your economist gives you the following supply and demand functions: Q=49-2P Demand: Supply: QS What is the consumer surplus in this market? Consumer surplus is $ 20.25. (Enter your response rounded to two decimal places.) What is the producer surplus? Producer surplus is $ = -11+P. (Enter your response rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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