Suppose that the smart-phone market has the demand equation of P = 1,200 – 3.5Q° and the supply equation of P = 450 + 2.5Q°. a). Find the equilibrium-price and equilibriu-quantity for this market? b. Draw a graph to show this market and compute for consumer surplus, producer surplus and market surplus

Suppose that the smart-phone market has the demand equation of P = 1,200 – 3.5Q° and the supply equation of P = 450 + 2.5Q°. a). Find the equilibrium-price and equilibriu-quantity for this market? b. Draw a graph to show this market and compute for consumer surplus, producer surplus and market surplus

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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