1. If the demand and supply functions of a good are known, the following equation shows: P-12 Q+30=0 and P - Q²+ 200 = 75, determine a. Market Equilibrium (KP) b. Consumer surplus and producer surplus c. Draw the graph

1. If the demand and supply functions of a good are known, the following equation shows: P-12 Q+30=0 and P - Q²+ 200 = 75, determine a. Market Equilibrium (KP) b. Consumer surplus and producer surplus c. Draw the graph

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 23QP

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Ma4.

Please give only typed answer

1. If the demand and supply functions of a good are
known, the following equation shows: P-12 Q+30=0 and
P Q²+ 200 = 75,
determine
a. Market Equilibrium (KP)
b. Consumer surplus and producer surplus
c. Draw the graph

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