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1) The demand and supply functions for a certain product are given by p = 150...

1) The demand and supply functions for a certain product are given by p = 150 − 0.5 q and p = 0.002 q^ 2 + 1.5 where p is in dollars and q is the number of items.

a) Which is the demand function? Why do you know?
b) Find the equilibrium price and quantity.
c) Find the total gains from trade at the equilibrium price.

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