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Suppose the inverse demand curve for a market is equal to p = 100 -- 0.3Q. The inverse market supply curve is p = 20 + 0.5Q.
1. Calculate the equilibrium price and quantity;
2. Calculate the consumer surplus, producer surplus and total surplus.
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What is ‘Third degree Discrimation
No indifference curve can intersect due to all points on indifference curve are ranked equally preferred and ranked or less more preferred than each other point on the curve.
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