Compute the equilibrium quantity and price.

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Q1. P=320-.04Q with quantity, Q, measured in thousands of barrels per day and price, P, measured in dollars per barrel. The supply curve is given by PS=5+.015Q.
a. Compute the equilibrium quantity and price.
b. Calculate the consumer and producer surplus.

Q2. Which panel represents the change in the market for student housing when university enrollment increases and at the same time the university destroys several older residence halls and apartments buildings?

Reference no: EM136482

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