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Write the following second-order equation as a system of first-order equations.
Producer Surplus
The variance between the expected payment by producers for a good or service and the real compensation they achieve.
Equilibrium Price
A price point in the market where the supply of goods meets the demand for them.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the market equilibrium price.
Producer Surplus
The difference between the amount a producer is willing to accept for a good or service and the actual amount received by them when the good or service is sold.
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