Consider the market of apples. The market demand curve for apples is given by P = 100 - 0.5Qd and the market supply curve is given by P = 20 +0.5Qs, where P is in dollars and Q is in million apples. (Note: this is a continuous case.) 60 (a) The market equilibrium price is $ (b) The market equilibrium quantity is (c) The consumer surplus is $1600 million apples. 80 million.

Consider the market of apples. The market demand curve for apples is given by P = 100 - 0.5Qd and the market supply curve is given by P = 20 +0.5Qs, where P is in dollars and Q is in million apples. (Note: this is a continuous case.) 60 (a) The market equilibrium price is $ (b) The market equilibrium quantity is (c) The consumer surplus is $1600 million apples. 80 million.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 3SQ

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