Described by the demand and supply functions

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Reference no: EM131009846

Assume the market for a commodity is described by the demand and supply functions

Demand: q = 30 − 2/3 p

Supply: q = 2p − 10

a) Determine the equilibrium price and quantity in this market.

b) Derive the inverse demand and supply functions, draw a graph to illustrate your answer, and compute the consumer surplus and the producer surplus.

Reference no: EM131009846

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