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Market demand function for corn

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Reference no: EM131868641

The market demand function for corn is Qd = 20 - 5P.

The market supply function is QS = 5P - 5 both quantities measured in billions of bushels per year.

Instructions: Round all quantities to the nearest whole number and prices to 2 decimal places.

a. What is consumer surplus at the competitive market equilibrium? $.

b. What is producer surplus at the competitive market equilibrium? $.

c. What is aggregate surplus at this equilibrium? $.

Reference no: EM131868641

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