Calculate equilibrium price and quantity

Reference no: EM1369799

The inverse market demand curve is P=140-Q, and the inverse supply curve is P=20+Q. Assuming the market is competitive, compute the following:

1. equilibrium price
2. equilibrium quantity
3. economic value of the equilibrium consumption
4. resource cost (the same thing as production cost, or economic cost) of the equilibrium production
5. net benefits of economic activity in this market, given the equilibrium
6. consumer surplus in the market
7. producer surplus

Please assist with the problem. Also, please use numbering for the solutions to the different parts of the problem. If you have questions, please ask me. I check email everyday. Thank you for your help!

Reference no: EM1369799

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