The weekly supply and demand for cupcakes in a small town are given as QS = 30P- 20 and Q 124 - 18P, where P is the price of a cupcake and Q is measured in thousands per week. %3! %3D a. Find the equilibrjum price and quantity. b. Calculate the cornsumer and producer surplus at the equilibrium price.
The weekly supply and demand for cupcakes in a small town are given as QS = 30P- 20 and Q 124 - 18P, where P is the price of a cupcake and Q is measured in thousands per week. %3! %3D a. Find the equilibrjum price and quantity. b. Calculate the cornsumer and producer surplus at the equilibrium price.
Chapter7: Market Efficiency And Welfare
Section: Chapter Questions
Problem 2P
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