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Consider a market with Q^d=240-6p and Q^s=2P. What's the
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- The consumer surplus would be?Calculate the total surplus in the marketConsider a market with the equilibrium quantity = 100 and the equilibrium price = 50. Without further information on the market, can we answer the quantity that maximizes the total surplus? If we can, answer the quantity. If we cannot, answer “Cannot”.
- What is the producer surplus in the market equilibrium? Again, the equations are: Q = 3P-90 Qd = 400 - 5PSuppose there is an early freeze in California that reduces the size of the lemon crop. As the price of lemons rises, what happens to consumer surplus in the market for lemons?Consider the demand curve for hair cuts is given by Q=100-2P and the market equilibrium price equals $10. If, due to a shortage of hairdressers, the equilibrium price increases to $20, what would be the change in the consumer surplus at the new price?