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What is the equilibrium price and quantity

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Reference no: EM132336410

Question

The demand for a good is P= 80 - 3Q. The supply is P= 40 + 5Q.

Assuming a perfectly competitive market:

a) What is the equilibrium price and quantity?

b) What is the consumer surplus?

c) What is the producer surplus?

d) What is the total wealth?

Reference no: EM132336410

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