Given the following supply, demand and marginal revenue fi QS = 5P-25 Q = 100-5P MR = 20-2/5Q (a) (b) (c) Find the competitive equilibrium price and quantity. Calculate the amount of consumer surplus. Calculate the amount of producer surplus.

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter24: Perfect Competition
Section: Chapter Questions
Problem 10E
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Not Hand written please.
(1)
Given the following supply, demand and marginal revenue functions:
QS = 5P-25
Q = 100-5P
MR = 20-2/5Q
Pose
Find the competitive equilibrium price and quantity.
Calculate the amount of consumer surplus.
Calculate the amount of producer surplus.
Show the above answers graphically.
Transcribed Image Text:(1) Given the following supply, demand and marginal revenue functions: QS = 5P-25 Q = 100-5P MR = 20-2/5Q Pose Find the competitive equilibrium price and quantity. Calculate the amount of consumer surplus. Calculate the amount of producer surplus. Show the above answers graphically.
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