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You Are Given the Following Market Data for Venus Automobiles

Question 142

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You are given the following market data for Venus automobiles in Saturnia. Demand: P = 200 - 0.25Q Supply: P = 130 + 0.10Q Where P = Price and Q = Quantity.

You are given the following market data for Venus automobiles in Saturnia.
Demand: P = 200 - 0.25Q
Supply: P = 130 + 0.10Q
Where P = Price and Q = Quantity.
A)Calculate the equilibrium price and quantity.
B)Calculate the consumer surplus in this market.
C)Calculate the producer surplus in this market.

Correct Answer:

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A.PRICE = $150; QUAN...

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