Describe the equilibrium price and quantity

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Q. Suppose a teenager has $20 and likes both rap music (R) and country music (C) with a set of preferences so that U = C^(1/2) * R^(1/2). Suppose that the iTunes price of a rap music song is 2 and the price of a country music song is 1. Which level of utility is affordable?

Q. Qs=20P-300 ; Qd=-35+850

Describe the equilibrium price and quantity, producer surplus and consumer surplus.

Reference no: EM1353390

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