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  3. 6.3 in a competitive market, the market demand cur

6.3 In a competitive market, the market demand curve is Q = 28 - 2p and...

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Economics

6.3 In a competitive market, the market demand curve is Q = 28 -2p and the market supply curve is 19 If you do not see the Solvertool, you need to load it first. Look up Solver in the Excel helpfacility for instructions. Qs = -8 + 2p. Use a spreadsheet toanswer the following questions.

a. Determine the quantity demanded and quantity supplied for p =$4, 5, 6, …, 14. Determine the equilibrium quantity and price.

b. For prices p = $4, 5, 6, …, 14, determine the consumersurplus. How does an increase in price affect the consumersurplus?

c. For prices p = $4, 5, 6, …, 14, determine the producersurplus. How does an increase in price affect the producersurplus?

d. Suppose the government limits the quantity traded in themarket to 6 units. Calculate the resulting deadweight loss.

PLEASE SHOW ANSWERS AND FORMULAS IN EXCEL

Perloff, Jeffrey M.. Managerial Economics and Strategy (p. 265).Pearson Education. Kindle Edition.

Answer & Explanation Solved by verified expert
4.2 Ratings (674 Votes)
answers a Determine the quantity demanded and quantity supplied for p 4 5 6 14 Determine the equilibrium quantity and price quantity demanded282P quantity supplied82p quantity demanded when price is quantity demanded quantity supplied when price is quantity supplied 4 20 4 0 5 18 5 2 6 16 6 4 7 14 7 6 8 12 8 8 9 10 9 10 10 8 10 12 11 6 11 14    See Answer
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