Question: Enter your answers to the nearest integer. ( a ) Estimate the equilibrium price and quantity for the supply and demand curves in the figure
Enter your answers to the nearest integer.
a Estimate the equilibrium price and quantity for the supply and demand curves in the figure above.
b Estimate the consumer and producer surplus.
Consumer surplus
text Producer surplus
c The price is set artificially low at p dollars per unit. Estimate the number of units sold at this price. Estimate the consumer and producer surplus at this price. Compare your answers to the consumer and producer surplus at the equilibrium price.
Number of units sold
Consumer surplus
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