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Assume we have demand and supply, P= $4600 - 80Qd and P= $1400 + $20Qs. Determine...

Assume we have demand and supply, P= $4600 - 80Qd and P= $1400 + $20Qs.

Determine the equilibrium price and quantity.

Graph the market showing the reservation price and minimum selling price, Pe and Qe and calculate the areas of consumer surplus and producer surplus, and label the areas on the graph

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Answer #1

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