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Compute consumer surplus and producer surplus

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Reference no: EM132479774

Suppose the supply and demand curves for some good are described by the following equations: QS = -10 + 4P QD = 20-2P

a. Graph the demand and supply curves and solve for the equilibrium quantity and price.

b. Compute consumer surplus and producer surplus when this market is in equilibrium.

Reference no: EM132479774

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