Question
Given the demand function d(p) = 45 – p, and the supply function s(p) = 12p.
Calculate the following:
a) The equilibrium price: $
b) The gains from trade is the sum of the consumer and producer surplus. Calculate the gains from trade
(round to two decimal places):
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Transcribed Image Text

Given the demand function d(p) = 45 – p, and the supply function s(p) = 12p. Calculate the following: a) The equilibrium price: $ b) The gains from trade is the sum of the consumer and producer surplus. Calculate the gains from trade (round to two decimal places):

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