Assume the market for a commodity is described by the demand and supply functions

| November 19, 2015

Assume the market for a commodity is described by the demand and supply functions

Demand: “q”=”30”-“2″ /”3” “p” 

Supply: “q”=”2p”-“10” 

Determine the equilibrium price and quantity in this market.

Draw a graph to illustrate your answer and compute the consumer surplus and the producer surplus.

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Sammy the Statistics Student wanted to estimate the difference
1) Keri is the owner of a new restaurant in the downtown area of her hometown.

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