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Equations for the supply and demand curve

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Reference no: EM131725303

From the following equations for the supply and demand curve

Demand Qd= -1/2P+14

Supply: Qs=4/3P+8/3

  • Graph supply and demand
  • Mark the point where equilibrium occurs
  • Mark the prices where quantity supplied and quantity demanded are zero (2 separate points)
  • Calculate consumer, producer and total surplus.

Reference no: EM131725303

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