Specify the values of the parameters in the previous problem: a = 80 b = 2/3 C = 20 d = 13 Thus the equations are: P = 80 - 2/3Q MC = 20 + 3Q a. Assume the market is perfectly competitive. Solve for equilibrium quantity Qr and price Por. Find consumer and producer surplus, total surplus (TS), and deadweight loss. GRAPH. Qor = QOT %3D Por = CSoT = PSCT =

Specify the values of the parameters in the previous problem: a = 80 b = 2/3 C = 20 d = 13 Thus the equations are: P = 80 - 2/3Q MC = 20 + 3Q a. Assume the market is perfectly competitive. Solve for equilibrium quantity Qr and price Por. Find consumer and producer surplus, total surplus (TS), and deadweight loss. GRAPH. Qor = QOT %3D Por = CSoT = PSCT =

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 19SQ

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