Consider a perfectly competitive market where the demand for the good is given by Q=769-5p, where Q denotes the quantity demanded at price p. On the supply side, the industry supply function is given by Q=-7+5p. What is the value of the market's "welfare" in equilibrium? ? (As usual, you must enter a number below, not a ratio, not an expression with symbols..., just a number.)

Consider a perfectly competitive market where the demand for the good is given by Q=769-5p, where Q denotes the quantity demanded at price p. On the supply side, the industry supply function is given by Q=-7+5p. What is the value of the market's "welfare" in equilibrium? ? (As usual, you must enter a number below, not a ratio, not an expression with symbols..., just a number.)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.7P

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