The demand equation is given as: P = 62 – 2Q
The supply equation is given
Question
In a hypothetical market,
The demand equation is given as: P = 62 – 2Q
The supply equation is given
as: P = 13 + 3Q.
Assuming a monopoly market with Q = 7:
1) What is the monopoly market price?
2) What is the consumer surplus?
3) What is producer surplus?
4) What is the total weah?
5) what is the Deadweight Loss relative to a perfectly competitive market?
Economics