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Determine consumers surplus under market equilibrium

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Reference no: EM132080272

The demand equation for a product is

P = (q-4)^2

and the supply equation is

P = q^2 + q + 7

where p (in thousands of dolalrs) is th price per 100 units when q hundred units are demanded or supplied. Determine consumers' surplus under market equilibrium.

Reference no: EM132080272

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