The market for apples is competitive. The demand curve is P = 30 - Qd, where Qd is the quantity demanded (in millions of pockets). The supply curve is Qs = 20 + P where Qs is the quantity supplied (in millions of pockets). What is the consumer surplus in this market? If need be, round-off your final answers to 3 decimal places (4) Answer:
The market for apples is competitive. The demand curve is P = 30 - Qd, where Qd is the quantity demanded (in millions of pockets). The supply curve is Qs = 20 + P where Qs is the quantity supplied (in millions of pockets). What is the consumer surplus in this market? If need be, round-off your final answers to 3 decimal places (4) Answer:
Chapter7: Market Efficiency And Welfare
Section: Chapter Questions
Problem 1P
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