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For a product the supply curve is given by q p 10p60 and the demand...

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Basic Math

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For a product the supply curve is given by q p 10p60 and the demand curve by q p 2p 60 where p is in dollars and q is in millions a What is the equilibrium price and quantity p 10 40 Consumer surplus dollars b Find the consumer and producer surplus using the Fundamental Theorem of Calculus Producer surplus million million dollars million dollars

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