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You are given the following market data for Venus automobiles in Saturnia.
Demand: P = 35,000 - 0.5Q
Supply: P = 8,000 + 0.25Q
where P = Price and Q = Quantity.
a.Calculate the equilibrium price and quantity.
b.Calculate the consumer surplus in this market.
c.Calculate the producer surplus in this market.
Exact Simple Interest
Interest calculated linearly on the principal amount, where the calculation is based precisely on the time period involved.
365-Day Year
A method of calculating interest that assumes all years have 365 days, used in some financial contexts.
Ordinary Simple Interest
Interest calculated on the principal amount of a loan or deposit, based solely on the principal, rate, and time.
360-Day Year
A method used in accounting and finance that assumes a year has 360 days to simplify interest calculations.
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