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ENGR.ECONOMIC ANALYSIS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1) The supply and demand functions in a market are:
Qo = 5P
Qd
= 4000 - 10P
500
a) Calculate the market equilibrium quantity and price
b) Graphically represent the market
c) Calculate the consumer surplus in this market and identify it on the
graph.

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