Question: The demand and supply functions for a product are given by the following expressions: : = + 1 0 0 [ ] : = +

The demand and supply functions for a product are given by the following expressions: : =+100[]: =+10[] where q is the demand and p is the unit price. (i) Calculate the demand and price at the market equilibrium (ii) For this equilibrium, calculate the total economic surplus of the market.

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