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A person’s demand and supply equations for pork per month are as follows: Demand: Q =...


A person’s demand and supply equations for pork per month are as follows:
Demand: Q = 25 – 5*P
Supply : Q = -20 + 10*P
Required:
a. What are the market equilibrium price ($/kg) and quantity (kgs/month) for pork?
b. At the market equilibrium price, what are the consumer surplus and producer surplus?

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