Suppose the demand and supply curves for units of university credits are given by the following equations:
Q^D = 5,000 - P
Q^S = -1,000 + 4P
where Q^D is the quantity of credits demanded, Q^S is the quantity supplied, and P is the price in dollars for each unit.
a. Calculate the equilibrium price and quantity.
b. Calculate the consumer surplus at the equilibrium price.

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The Answer of Suppose the demand and supply curves for units of university credits are given by the following equations: Q^D = 5,000 - P Q^S = -1,000 + 4P where Q^D is the quantity of credits demanded, Q^S is the quantity supplied, and P is the price in dollars for each unit. a. Calculate the equilibrium price and quantity. b. Calculate the consumer surplus at the equilibrium price.

Suppose the Demand and Supply Curves for Units of University