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12 Dec 2019
The market demand function for corn is
Qd = 21 - 4P
The market supply function is
QS = 4P - 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?
$.
The market demand function for corn is
Qd = 21 - 4P
The market supply function is
QS = 4P - 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?
$.
6 Jul 2023
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