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Approximate dollar value of market consumer surplus

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Reference no: EM131971948

Suppose the market for laptop computers is perfectly competitive, with the following demand and supply equations for quantity per month: QS = -10,000 + 10P, QD = 20,000 - 5P

1. Solve for the equilibrium price and quantity.

2. When this perfectly competitive market is in equilibrium, what is the approximate dollar value of market consumer surplus?

3. When this perfectly competitive market is in equilibrium, what is the approximate dollar value of market producer surplus?

4. In equilibrium, what is the value of the total benefits (consumer surplus plus producer surplus) provided by this market?

Reference no: EM131971948

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