consider the inverse demand and supply for apples to be given by P=30-3Qd and P=6+Qs. the total surplus in this competitive market is ______. where______ is due to the producers. a) $50, 50% b) $54, 80% c) $18, 75% d) $72, 25%

consider the inverse demand and supply for apples to be given by P=30-3Qd and P=6+Qs. the total surplus in this competitive market is . where is due to the producers. a) $50, 50% b) $54, 80% c) $18, 75% d) $72, 25%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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consider the inverse demand and supply for apples to be given by P=30-3Qd and P=6+Qs. the total surplus in this competitive market is ______. where______ is due to the producers.

a) $50, 50%

b) $54, 80%

c) $18, 75%

d) $72, 25%

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