Calculate the consumer surplus and producer surplus

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Reference no: EM13921971

a. Suppose sugar has the demand curve P = 50 - 5Q and the supply curve P = 5Q. Compute the equilibrium price and quantity and show graphically. Calculate the consumer surplus and producer surplus associated with this outcome.

b. What factors might cause the equilibrium price and quantity of sugar to change?

Reference no: EM13921971

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