Answer The question the ImageExplain learning of mathematics basic conceptApply mathematic formula concept in particular caseAnalyze the problem of macro and micro economics also using of basic mathematics concept using formula in order to analyse business 4. The supply and demand equation for a product is :q = 50 (XX – 2p) and q = XX (p - 2), which is p= price ;q = quantityA. Determine qo and po.B. Find the Producers' Surplus and Consumers' Surplus under marketequilibrium.C. Interpret the results of point b above and explain your answer!Note : XX = 50

Consumer surplus gives the monetary value of the welfare attained by the consumers from trading in…

4. The supply and demand equation for a product is : q = 50 (XX – 2p) and q = XX (p - 2), which is p= price; q = quantity A. Determine q, and po. B. Find the Producers' Surplus and Consumers' Surplus under market equilibrium. C. Interpret the results of point b above and explain your answer! Note : XX=50

4. The supply and demand equation for a product is : q = 50 (XX – 2p) and q = XX (p - 2), which is p= price; q = quantity A. Determine q, and po. B. Find the Producers' Surplus and Consumers' Surplus under market equilibrium. C. Interpret the results of point b above and explain your answer! Note : XX=50

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 18RQ: If the price is above line equilibrium level, would you predict a surplus or a shortage? If line...

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