Calculating equilibrium price and consumer surplus
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1) In a competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is
4
8
9.6
it elastic
2) In a competitive market, the market demand is Qd=480 - 5p is the market price is 52, what is the consumer surplus?
220
96
4840
9680
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Solution describes the steps to calculate equilibrium price and consumer surplus.
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1) In a competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is
In equilibrium ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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