Market demand and supply equations-what is the total wealth

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Reference no: EM13803270

In a market demand and supply equations are:

The demand curve is given as: P = 68 - 2Q

The supply curve is given as: P = 20 + 2Q.

Assuming a perfectly competitive market, (Please show all your work):

1) What is the equilibrium price and quantity?

2) What is producer surplus?

3) What is the consumer surplus? (Please show all your work)

4) What is the total wealth?

Reference no: EM13803270

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