Letrsquos assume the demand for balloons is expressed by


Let’s assume the demand for balloons is expressed by P=40-2Q. The supply is P=3Q.

1) What is the equilibrium price and quantity?

2) What is producer surplus?

3) What is the consumer surplus? (Make sure you show all your work)

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Business Economics: Letrsquos assume the demand for balloons is expressed by
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