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Find the equilibrium price and quantity for market

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Reference no: EM13330574

Assume the market for oil is perfectly competitive, with the following market demand and supply curves:
Qd = 100 - P
Qs = -50 + 2P

a. Find the equilibrium price and quantity for this market.
b. Calculate consumer and producer surplus in this competitive equilibrium.

Reference no: EM13330574

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