Calculate consumer surplus and producer surplus

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Reference no: EM131387591

Supply and Demand

1. Supply and demand for a given type of MP3 player are given by the following equations.

P = 980 −1.5Qd P = 20 + 0.9Qs

a. Calculate equilibrium quantity?

b. Calculate equilibrium price?

c. Graph the supply and demand curves, show equilibrium and any positive intercepts, and calculate consumer surplus and producer surplus.

Reference no: EM131387591

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