Answered: Given: (x is number of items) Demand…

Given: (x is number of items) Demand function: d(x) = 200 – 0.3x Supply function: s(x) = 0.5x Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 1SQP

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Question

Given: (x is number of items)
Demand function: d(x) = 200 – 0.3x
Supply function: s(x) = 0.5x
Find the equilibrium quantity:
Find the consumers surplus at the equilibrium quantity:

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