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The inverse demand and supply functions for a product are given as:
where P is price, Q is quantity and the subscripts d and show demand and supply, respectively. (a) Determine the equilibrium price and quantity.
(b) Using the definite integral, calculate the consumer and producer surpluses at the equilibrium position.
(c) Give your answers to part (a) and (b) on an appropriate diagram.
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Question 1: Explain the main drivers of globalisation and ascertain whether they have helped to reduce the gap between the rich and the poor countries. Question 2: Disc
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