Question: three questions Econ Example Consumer Demand in a market is given by the function D(q) = q-2 while supply is given by the function S(q)

three questions

three questions Econ Example Consumer Demand in a market is given by

Econ Example Consumer Demand in a market is given by the function D(q) = q-2 while supply is given by the function S(q) = 2q. These curves imply that the market equilibrium occurs at quantity q* = 4, price p* = 16. Find consumer surplus and producer surplus using the definite integrals given below. a.) CS = Ji (q-2 - 16) dq b. ) PS = S (16 - 49) dq c.) (Will not be graded) For practice, sketch a graph of this market and shade in the areas corresponding to consumer surplus and producer surplus

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