Find the equilibrium price and quantity for this market

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Reference no: EM13869372

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 the competitive equilibrium.

Reference no: EM13869372

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