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Business, 09.10.2019 21:00 hayesvolcano

The demand curve for electricity, in terms of quantity q (kwh) brought by a consumer, in a given period, as a function of price p ($) is given by the following: p = −0.01q + 5. (a) suppose the price is p = 3.5¢/kwh. find the total payment made by the consumer and the consumer surplus. (b) now suppose the cost of production is given by c = 0.0075q^2+1.3q. find the marginal cost (the supply curve) and find the equilibrium price and demand at this price. (c) at the equilibrium point, find the consumer surplus, the profit of the supplier, and the total social surplus.

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The demand curve for electricity, in terms of quantity q (kwh) brought by a consumer, in a given per...
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