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Calculate the consumer surplus

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Reference no: EM131901283

Consider the following inverse supply and demand equations: 

P= Qs+5

P=-3Qd+21

a) Solve for the market equilibrium price and quantity, and produce a graph for the market (make sure to label the market equilibrium, y-intercept(s), and x-intercept(s))

b) Calculate the consumer surplus, producer surplus, and total surplus

Reference no: EM131901283

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