2. Let P = 40 be the product demand on the market.
0.02*Q. The market supply curve is P = 20 + 0.03*Q.
(a) Determine the equilibrium market price and production under
The perfect competition
(b) Determine consumer’s surplus at the market equilibrium.
(c) Determine producer’s surplus at the market equilibrium.
(d). Determine the four-dollar arc elastic demand
($4.00) Increase in the market equilibrium prices (i.e. price
The price that you have determined for part will increase by four dollars
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