Demand supply consumer surplus and market equilibrium the, Business Economics

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Demand supply consumer surplus and market equilibrium the

Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum

?QD?=?92 - 2Px?(Demand)

?QS?=?-16 + Px?(Supply)

where Q is quantity measured in pounds of scrap aluminum and P is price in dollars.

Complete the following table:

A. What is the condition for market equilibrium?

B. Calculate the market equilibrium price and equilibrium output?

C. What is the inverse demand curve P = f (QD)?

D. Compute the consumer surplus at the equilibrium price.

E. What is the inverse supply curve P = f (Qs)?

F. Compute the producer surplus at the equilibrium price.

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