Illustrate what would be the effect of poor

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Reference no: EM1358131

Qd=500-5p and Qs=2p-60

a.Graph the supply and demand curves.

b.What are the equilibrim quantity and price?

c.How much consumer surplus esists in this market?

d.If there is Pmin = 10 ->> what is the cost to the government?

e.What is the deadweight loss?

Illustrate what would be the effect of poor weather on the consumer surplus, producer surplus, deadweight loss??

Reference no: EM1358131

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