Use the supply and demand functions provided below to calculate the consumer and producer surplus in the market: QP = 30 -P 3 where q is units of good X and P is measured in dollars. 1. Consumer Surplus = $ 720.00 2. Producer Surplus = $ 180.00
Use the supply and demand functions provided below to calculate the consumer and producer surplus in the market: QP = 30 -P 3 where q is units of good X and P is measured in dollars. 1. Consumer Surplus = $ 720.00 2. Producer Surplus = $ 180.00
Chapter1: Making Economics Decisions
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![Use the supply and demand functions provided below to calculate the consumer and producer surplus in the market:
GP - 30 -
%3D
QS = 1금P
where q is units of good X and P is measured in dollars.
1. Consumer Surplus = $ 720.00
2. Producer Surplus = $ 180.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc316c373-45b0-49f7-b903-7c4ab6c319ca%2Feac53b8f-bc53-40e8-91b4-73326b7dcf16%2Fvqul8ynu_processed.png&w=3840&q=75)
Transcribed Image Text:Use the supply and demand functions provided below to calculate the consumer and producer surplus in the market:
GP - 30 -
%3D
QS = 1금P
where q is units of good X and P is measured in dollars.
1. Consumer Surplus = $ 720.00
2. Producer Surplus = $ 180.00
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