The inverse supply and demand functions for a good are given and graphed below respectively. 10 -Q2 + 20 +10 P = -=Q2 - 40 +495 Supply and demand 600...
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The inverse supply and demand functions for a good are given and graphed below respectively. 10 -Q2 + 20 +10 P = -=Q2 - 40 +495 Supply and demand 600 500 400 Price 300 200 100 10 15 20 25 30 35 40 Quantity Sketch the graph above in your answer books. Define, show on the graph and calculate each of the quantities below: (a) Market equilibrium. [6 ] (b ) Consumer surplus. [7 ] (c) Producer surplus. [7 ]

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Subject: Business, Economics
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