In a given town, demand for fish and supply of fish is given by P = 3,955 - 6 * Q and P = 1,012 + 24 * Q respectively. Here P and Q denote are fish price and fish quantity (in tons). What percentage of the total surplus goes to producers if the fish market is competitive?
In a given town, demand for fish and supply of fish is given by P = 3,955 - 6 * Q and P = 1,012 + 24 * Q respectively. Here P and Q denote are fish price and fish quantity (in tons). What percentage of the total surplus goes to producers if the fish market is competitive?
Chapter3: Market Demand And Supply
Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency
Problem 15SQ
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In a given town, demand for fish and supply of fish is given by P = 3,955 - 6 * Q and P = 1,012 + 24 * Q respectively. Here P and Q denote are fish price and fish quantity (in tons). What percentage of the total surplus goes to producers if the fish market is competitive?
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