Find q p consumer surplus producer surplus and total, Business Economics

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Find q p consumer surplus producer surplus and total

Demand for a good is Qd = 20,000 – 100 P. Supply is Qs = -1000 + 200 P.

a. Find Q*, P*, consumer surplus, producer surplus, and total variable costs. Make a graph and label it.

b. What is the elasticity of supply at the solution point? What is the elasticity of demand?

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Business Economics: Find q p consumer surplus producer surplus and total

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Business Economics: Find q p consumer surplus producer surplus and total

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