Survey of Economics (MindTap Course List)
9th Edition
ISBN:9781305260948
Author:Irvin B. Tucker
Publisher:Irvin B. Tucker
Chapter4: Markets In Action
Section: Chapter Questions
Problem 19SQ
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Question
Transcribed Image Text:In a competitive market, the market demand curve is
1
Pp = 14 –
24
and the market supply curve is
1
Ps = 8 +a
Use a spreadsheet to answer the following questions.
Use excel to create a picture of the demand and supply curve for q = 0, 1, 2,
., 14. Determine the equilibrium quantity and price.
Determine the consumer surplus.
Determine the producer surplus.
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