Question: 1 . The demand and supply functions for a certain product are given by q p 5 . 1 5 0 and 5 . 1

1. The demand and supply functions for a certain product are given by q p 5.150 and 5.1002.2 q p , where p is in dollars and q is the number of items. (a) Which is the demand function? (b) Find the equilibrium price and quantity (c) Find the total gains from trade at the equilibrium price.

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