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The supply function for oil is given​ (in dollars) by S(q)​, and D(q). S(q)=q^2+15q, D(q)=1024-17q-q^2 a....

The supply function for oil is given​ (in dollars) by S(q)​, and D(q).

S(q)=q^2+15q, D(q)=1024-17q-q^2

a. Graph the supply and demand curves.

b. Find the point at which supply and demand are in equilibrium.

c. Find the​ consumers' surplus.

d. Find the​ producers' surplus.

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Expert Solution

milcah answered 1 year ago
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