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Calculate the producer surplus earned in market

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Reference no: EM131940209

Suppose that the demand curve for a good is given by the equation

Q = 6000-600P,

and the supply curve is given by the equation

Q= -2000+1000P,

where P represents the price of the good (measured in dollars per unit) and Q represents the quantity of the good (measured in units).

Calculate the Consumer Surplus earned in this market.

Calculate the Producer Surplus earned in this market.

Reference no: EM131940209

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