The market for a particular consumer good has a demand function given by: and supply given by: q = 24 - p and supply given by p = q + q^2, where q is the quantity and p is the price. Question: In equilibrium, what is the consumer’s surplus?
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The market for a particular consumer good has a demand function given by: and supply given by: q = 24 - p and supply given by p = q + q^2, where q is the quantity and p is the price.
Question: In equilibrium, what is the consumer’s surplus?
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