Calculate and label consumer surplus and producer surplus

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Given the following demand and supply curves: (a) Qd= -P+10 and (b) Qs=P. (1) calculate and show the inverse demand function, graph the two lines, and both calculate and label the consumer surplus and producer surplus. (2) add an additional line for marginal revenue, graph the demand, perfectly competitive supply, and the marginal revenue. (3) Identify the following areas; dead weight loss to the economy, consumer surplus and producers surplus.

Reference no: EM131097118

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