Suppose there are two producers and two consumers in the market. SP, PZO (0, others Producer...
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Suppose there are two producers and two consumers in the market. SP, PZO (0, others Producer 1's supply curve is q Producer 2's supply curve is q = = Consumer 1's demand curve is q Consumer 2's demand curve is q -2+2p, p≥ 1 0, others - = = (5-p, 0, (3-p, 0, 0≤p ≤ 5 others 0≤p ≤ 3 others Please answer the following questions: (1) What is the market supply curve q = S(p)? (5 points) (2) What is the market demand curve q = D(p)? (5 points) (3) What is the market equilibrium? Please calculate the consumer surplus and the producer surplus. (15 points) Suppose there are two producers and two consumers in the market. SP, PZO (0, others Producer 1's supply curve is q Producer 2's supply curve is q = = Consumer 1's demand curve is q Consumer 2's demand curve is q -2+2p, p≥ 1 0, others - = = (5-p, 0, (3-p, 0, 0≤p ≤ 5 others 0≤p ≤ 3 others Please answer the following questions: (1) What is the market supply curve q = S(p)? (5 points) (2) What is the market demand curve q = D(p)? (5 points) (3) What is the market equilibrium? Please calculate the consumer surplus and the producer surplus. (15 points)
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1 To find the market supply curve we add the individual supply curves of the two producers q1s q2s p ... View the full answer
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