Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial
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Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitive market. Further suppose that your economist gives you the following demand and supply functions:
Demand: QD = 45 - 2P
Supply: QS = -15 + P
What is the consumer surplus in this market? What is the producer surplus?
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We can use the fact that at equilibrium Q D Q S to determine the equilibrium pric...View the full answer
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