Question: Suppose the demand and supply equation of ice-cream market is as follows: - Opo = 6-P Oso = 2P ()Find the equilibrium price and

Suppose the demand and supply equation of ice-cream market is as follows:

Suppose the demand and supply equation of ice-cream market is as follows: - Opo = 6-P Oso = 2P ()Find the equilibrium price and quantity for this market. Also show these graphically. (ii) What is elasticity of Demand and Supply at equilibrium? (iii) Calculate consumer surplus and producer surplus for this market. (b) Why OPEC fails to keep oil price high?

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