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Unformatted text preview: these areas in the graph below.(Be sure to label the axes and functions, and number your intercepts.) P 40 S CS P E = $20 PS 10 D 0 Q E = 5 10 Q Equilibrium Price: $20 Equilibrium Quantity: 5 (Show your complete algebraic solution for the equilibrium price and quantity in the space below.) In Equilibrium : S = D 40 4Q = 10 + 2Q 30 = 6Q 5 = Q E P E = 40 4 (5) = $20 for demand and P E = 10 + 2 (5) = $20 for supply Consumer Surplus at Equilibrium: $50 (Show all work.) CS = (20 x 5) = $50 Producer Surplus at Equilibrium: $25 (Show all work.) PS = (10 X 5) = $25...
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This note was uploaded on 10/26/2009 for the course ECON 18000420 taught by Professor Bresnock during the Fall '09 term at UCLA.
 Fall '09
 BRESNOCK
 Producer Surplus

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