Question: Question 1 The demand function is given by P=113-Q and the supply curve as given by P = (Q + 1)2 under perfect competition

Question 1 The demand function is given by P=113-Q and the supply curve as given by P = (Q + 1)2 under perfect competition a. Sketch the demand and supply curve b. Find the equilibrium price and quantity c. Illustrate graphically the consumer and producer surplus and also find their value.

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9 c Demand P 1181 Supply p 011 Price 113 supply 13 b Equilibrium when demand 113 Q 91 2 9 291 ... View full answer

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