E202Exam2.3 - (above consumer surplus producer surplus and...

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Chapter 7 4. Suppose the demand for gasoline is P = 3.5 - (1/48) Q and the supply of gasoline is P = 1 + (1/48) Q. a. Graph the market for gasoline. What is the equilibrium price and quantity? b. Calculate and graph
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Unformatted text preview: (above) consumer surplus, producer surplus, and total economic surplus. What is the most that consumers and producers together would be willing to pay for the right to be able to buy and sell gasoline?...
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