Question

Market demand and market supply curves are given by the following equation below where P is the price and Q is the quantity: 

Market Demand: P = 125 – (3/8)Q 

Market Supply: P = 5 + (1/8)Q

Find the equilibrium price, quantity and consumer surplus.

(Hint: Y intercept of inverse demand function is willingness to pay i.e 125 in the above problem)




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Answer 1

Answer:

, 58

Explanation:

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