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1) The demand and supply for a good are respectively QD = 10 – P and...

1) The demand and supply for a good are respectively QD = 10 – P and QS = 4 + P. a) Determine the equilibrium price. b) Determine the equilibrium quantity. c) Determine consumers’ expenditures on the good. d) Determine total consumers benefits (understanding that the inverse demand represents the marginal benefit curve). e) Determine the consumer surplus. f) Determine producers’ total revenues. g) Determine the producer surplus. h) Determine the total surplus.

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