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Consider the market for hiking boots. This market can be represented by the following supply and...

Consider the market for hiking boots. This market can be represented by the following supply and demand equations: Q=100–2P (demand) and Q= –20 +P (supply)

a. Graph the supply and demand curves, labeling the axes clearly. Calculate the equilibrium price and quantity in this market (Q represents a pair of boots), and label these points on the graph.

b. Calculate consumer surplus, producer surplus, and net benefits in the market for hiking boots.

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