Answer on Microeconomics Question for Lency Chiles
P Qd = 900 − 0.2 P Qs = 300 + 0.1
a. What is equilibrium quantity?
b. What is equilibrium price?
c. Graph supply demand. Label equilibrium and show CS and PS
d. Calculate Consumer and Producer Surplus
2. Define efficiency.
3. What happens to Consumer surplus as price goes up? Illustrate below.
4. What happens to Producer Surplus as price goes up? Illustrate below.
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