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The demand and supply for a construction tool are given by Qd=300-2P, and Qs=2P; where (P) is the price per unit and (Qd) and (Qs) are quantity demanded and supplied per period of time respectively.
A) Algebraically determine the equilibrium price and quantity. Plot the demand and Supply curves in a diagram showing equilibrium price and quantity.
B) Calculate the amount of consumer expenditures and the amount of consumer surplus.
C) Calculate the cost of producing the tools sold and the amount of producer surplus.
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