Find the equilibrium price and quantity in this market

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Reference no: EM131238914

The market for LED desk lamps is perfectly competitive, with market supply given by Q = 25P – 900 and market demand given by Q = 850 – 10P.

a. Find the equilibrium price and quantity in this market.

b. Calculate the consumer surplus, producer surplus, and total surplus for this market.

c. Show the market equilibrium and resulting CS and PS on a clearly-labeled graph.

Reference no: EM131238914

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