The Supply and Demand for Squash Are Given by Q^D

question 74

Essay

The supply and demand for squash are given by Q^D = 200,000 - 50,000P and Q^S = 90,000P - 80,000, where P is price per pound and Q measures pounds of squash.
a. What is the level of consumer surplus at the equilibrium price?
b. What is the level of producer surplus at the equilibrium price?

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