Supply and demand in the regional vegetable market can be described with the following equations:

Qo = 4P - 80
Qd = 100 - 2P

The amount (Q) is expressed in quintals and the P in dollars per quintal.

to. What are the equilibrium conditions in the vegetable market?

b. Calculate the consumer surplus, the producer surplus and the total surplus in the vegetable market.

c. Which economic sector (consumers or producers) would have the greatest weight if the government prohibited the consumption of vegetables in the population?

Answer rating: 100% (QA)

a The equilibrium conditions in the vegetable market occur when the quantity demanded Qd equals the quantity supplied Qs Mathematically we set Qd equa... View the full answer