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In a market with numerous sellers and buyers demand is given by p=240-8q and supply is...

In a market with numerous sellers and buyers demand is given by p=240-8q and supply is p=4+12q.

1. Find the equilibrium price and quantity.

2. Mathematically find the values for consumer and producer surplus.

3. What is the deadweight loss in this market?

4. Suppose instead a monopolist served these same buyers, and the monopolist had marginal cost curve 4+12q. a. Show graphically the consumer surplus that consumers have lost due to monopoly. b. Consumer surplus is lower for two reasons. What are these? Identify regions in your answer to #4(a) that correspond to these reasons

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