Chapter4: Markets In Action
Section: Chapter Questions
Problem 15SQ
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Question
100%
Demand : Q = 150 – 2P , supply: Q = 2P - 50 .
- What is the
equilibrium price (Pe) and quantity(Qe)? Calculate and show on a graph. - Calculate the
consumer surplus at Pe. - Calculate the
producer surplus at Pe. - If price is 60, is there an excess demand or
excess supply ? Calculate and show on the graph.
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