Determine the equilibrium price and quantity in this market

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Reference no: EM13833335

Assume the market for a commodity is described by the demand and supply functions

Demand: q= 30 - 2/3p

Supply: q= 2p - 10

Determine the equilibrium price and quantity in this market.

Draw a graph to illustrate your answer and compute the consumer surplus and the producer surplus.

Reference no: EM13833335

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