Compute the consumer surplus and the producer surplus

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Reference no: EM131000918

Consider a demand market and assume the demand and supply functions are given by: demand: q=35-p and supply: q=2p-10.

a) determine the equilibrium price and quantity (p*, q*) in this market

b) illustrate your answer graphically and compute the consumer surplus and the producer surplus

Reference no: EM131000918

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