Draw a graph for the previous question

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Reference no: EM131292953

1. Draw a graph for the previous question in which you show

(a) the equilibrium quantity and price for the final product;

(b) the transfer price and the output level for the intermediate product.

2. Consider a product, the market price of which is $5, and the individual consumer's demand function is

Calculate

(1) the approximate value of the consumer surplus and

(2) the accurate value of consumer surplus.

Reference no: EM131292953

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