Suppose here is the equations of demand and supply: Qd = 1,600 - 125P Qs =...

Suppose here is the equations of demand and supply: Qd = 1,600 - 125P Qs = 440 + 165P Quantities are measured in units; prices are measured in dollars per unit. (4 points) A. Calculate the equilibrium price and quantity and draw the market equilibrium curve. B. Calculate consumer and producer surplus at the equilibrium price and quantity. Show the area of consumer and producer surplus. (10 points) C. The government currently wants to impose minimum price of $6 per unit. What is the effect of this policy on consumer and producer surplus? (6 points

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Rahul Sunny answered 1 year ago

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