The market for cast iron marble urns has the supply and demand functions below. Supply: p...

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The market for cast iron marble urns has the supply and demand functions below. Supply: p = 15 +0.1q Demand: p = /650 5q (a) (2 pts) Find the point of equilibrium for this market. (b) (3 pts) Find the Consumers' surplus for this market. (c) (3 pts) Find the Producers' surplus for this market. The market for cast iron marble urns has the supply and demand functions below. Supply: p = 15 +0.1q Demand: p = /650 5q (a) (2 pts) Find the point of equilibrium for this market. (b) (3 pts) Find the Consumers' surplus for this market. (c) (3 pts) Find the Producers' surplus for this market.

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Finding Equilibrium Point An equilibrium point exists where supply S equals demand D Lets set the fu... View the full answer