Market demand and supply are represented

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Let us suppose that market demand and supply are represented in the following equations:

The demand curve is given as: P = 68 - 2Q

The supply curve is given as: P = 20 + 2Q.

Assuming a perfectly competitive market, (Please show all your work):

1) What is the equilibrium price and quantity?

2) What is producer surplus?

3) What is the consumer surplus? (Please show all your work)

4) What is the total wealth?

Reference no: EM13803267

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