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# Consider the market for oranges. The supply curve is QS=-20 +10P The demand curve is Qd...

1. Consider the market for oranges.

The supply curve is QS=-20 +10P

The demand curve is Qd =100-10P

1. Find the Equilibrium price.
2. Find the equilibrium quantity
3. Draw a rough sketch of your curves and depict the equilibrium
4. What will be the outcome if the government fixes the price at \$5.00 what will be the outcome?
5. Calculate the consumers’ and producers’ surplus at the equilibrium price.

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