Answered: The market supply is MC = 10 + 4Q but…

The market supply is MC = 10 + 4Q but the suppliers can only supply 5 units in total! The Market Demand is MWTP = 100 - 4Q. What is the total surplus at equilibrium?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

the answer is 350 and I got 225. I cannot figure how the answer is 350

The market supply is MC = 10 + 4Q but the suppliers can
only supply 5 units in total! The Market Demand is MWTP
= 100 - 4Q. What is the total surplus at equilibrium?

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