The inverse demand curve in a market is given by Pb(Q) = e+e-1-Q, where Q represents...
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The inverse demand curve in a market is given by Pb(Q) = e²+e-1-Q, where Q represents millions of gallons of syrup. The inverse supply curve in a market is given by Ps(Q) = (Q + 1)² In(Q + 1). Note: Q does not need to be an integer. (a) What is the value of P, when Q = e-1? (b) What is the value of Ps when Q = e = 1? (c) What is producer surplus at market equilibrium? The inverse demand curve in a market is given by Pb(Q) = e²+e-1-Q, where Q represents millions of gallons of syrup. The inverse supply curve in a market is given by Ps(Q) = (Q + 1)² In(Q + 1). Note: Q does not need to be an integer. (a) What is the value of P, when Q = e-1? (b) What is the value of Ps when Q = e = 1? (c) What is producer surplus at market equilibrium?
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