Computing equilibrium price-consumer surplus

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Reference no: EM1366892

1) In a competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is

4
8
9.6
it elastic

2) In a competitive market, the market demand is Qd=480 - 5p is the market price is 52, what is the consumer surplus?

220
96
4840
9680

Reference no: EM1366892

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