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4.Consider the following supply and demand equations: Supply:p= 10 +q Demand:p= 100−2q Show your work as...

4.Consider the following supply and demand equations:

Supply:p= 10 +q

Demand:p= 100−2q

Show your work as your response to the following questions.

(a) What is the market equilibrium price and quantity?(5%)

(b) Draw a diagram to clearly show the market equilibrium.(5%)

(c) What is the Consumer Surplus at equilibrium?(5%)

(d) What is the Producer Surplus at equilibrium?(5%)

(e) What is the Total Surplus at equilibrium?(5%)

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