Suppose the market demand for burritos is given by qd 40 -, Econometrics

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Suppose the market demand for burritos is given by qd 40 -

Suppose the market demand for burritos is given by Q_d = 40 - 5P and the market supply for burritos is given by Q_s = 10P - 20, where P = price (per burrito).

a. Graph the supply and demand schedules for burritos.

b. What is the equilibrium price and equilibrium quantity?

c. Calculate consumer surplus and producer surplus, and identify these on the graph.

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Econometrics: Suppose the market demand for burritos is given by qd 40 -

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Econometrics: Suppose the market demand for burritos is given by qd 40 -

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