Macroeconomics
On a supply and demand graph, consumer surplus is represented by:
Given the demand equation Qd = 800 - 4P and the supply equation Qs = 2P + 200, what is the equilibrium price?
A market has Qd = 1500 - 15P and Qs = 5P + 300. Calculate equilibrium price, equilibrium quantity, demand axis price, and consumer surplus.
