Solution-Write the inverse demand and supply function

Write the inverse demand and supply function

Reference no: EM132543304

In the market for reusable shopping bags, market demand is QD = 40 - 10P,and market supply is QS = -20 + 20P, where P is the price per bag and Q is the quantity in hundreds per week.

-Write the inverse demand and supply function

-Find the market quantity and price.

-What is the value of consumer surplus (CS) and producer surplus (PS) at equilibrium?

-If each reusable bag was sold at $3, determine the amount of the shortage or surplus that would result.

Reference no: EM132543304

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Write the inverse demand and supply function

Reference no: EM132543304

Reference no: EM132543304

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